### 📉🔒 Crypto Losses from Fraud and Hacks Drop by 12% YoY, Says Immunefi Report

A recent report from blockchain security firm Immunefi highlights a significant reduction in crypto losses due to fraud and hacks. In May, the crypto world saw $52 million lost to such incidents, a notable decrease from the $59 million lost the previous year. This represents a 28% drop from April's losses. 🎉

### Major Incidents in May

Most of the losses in May were attributed to two major attacks:

- **Gala Games Hack:** A $21 million hack on Web3 gaming protocol Gala Games.

- **Sonne Finance Exploit:** A $20 million smart contract exploit against Sonne Finance.

These two incidents alone accounted for 78% of May's total losses. 😱

### Targeted Networks

Ethereum and BNB Chain were the most targeted networks, with 62% of attacks occurring on these platforms. Interestingly, all the attacks were on decentralized protocols, with no centralized exchanges reporting any fund losses.

### Breakdown of Losses

- **Fraud:** Only 13.6% of the losses were attributed to fraud.

- **Hacks and Exploits:** The remaining losses were from hacks and exploits.

### Reasons for the Decline

While Immunefi did not speculate on the reasons for the decline in losses, experts suggest that advancements in security technology and improved police practices could be key factors. 🕵️‍♂️

The crypto community can find some solace in these numbers, reflecting better security measures and possibly more robust regulatory actions.

**#CryptoSecurity2024**