In May 2024, the cryptocurrency industry witnessed an alarming surge in hacking incidents, resulting in record-breaking losses totaling approximately $385 million.

Peckshield's analysis revealed around 30 significant breaches, with the most notable being the $305 million theft from Japanese exchange DMM Bitcoin, marking the largest heist of the year.

Gala Games also suffered a substantial attack, with hackers minting $212 million worth of GALA (CRYPTO:GALA) tokens, though swift action reduced actual losses to $22.4 million.

Despite these challenges, the overall crypto market showed resilience, with minimal gains in major tokens like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH) emphasising the urgent need for enhanced security measures in the face of evolving cyber threats.