Last Week's Cryptocurrency Security Incidents: A Loss of $28 Million
CryptoNewsTerminal Staff20 May, 2024
Last Week's Cryptocurrency Security Incidents: A Loss of $28 Million
The cryptocurrency market has faced a challenging week in terms of security, with incidents resulting in significant financial losses. According to a report by blockchain security firm SlowMist, the total damage caused by these incidents amounted to a staggering $28 million. Among the most notable cases was an exploit on Pump Fun, a Solana (SOL)-based token issuance platform, which led to a loss of $1.9 million. Another major incident occurred on Optimism's mainnet, where the DeFi protocol Sonne Finance suffered a $20 million hack. Additionally, the Stacks-based DeFi protocol Alex fell victim to an attack, resulting in a loss of $4.3 million. These incidents highlight the ongoing risks associated with cryptocurrency investments. As the market continues to grow, it is crucial for investors to remain vigilant and take necessary security measures to safeguard their assets.
