In a promising development, decentralized platforms suffered fewer losses due to cyberattacks in May, with a total of $52.4 million lost to hacks and fraud. This figure represents a 12% decrease compared to the same period last year, and a 28% decrease from the previous month. According to the Immunefi report, this trend is a positive indication of the industry's growing resilience.

The report highlights that Gala Games and Sonnefinance were the most significant victims, accounting for nearly 80% of the total losses. Gala Games lost $21 million, while Sonnefinance suffered a loss of $20 million. Three other incidents resulted in losses exceeding $1 million, while the remaining attacks ranged from $540,000 to $300,000.

Notably, decentralized finance (DeFi) platforms were the only targets of successful attacks, while centralized finance platforms remained unscathed. Hacks continued to be the primary method used by cybercriminals, resulting in losses of $50.6 million across 14 incidents. Fraud incidents accounted for a significantly lower total of $1.75 million across 7 events.

The year-to-date losses in the crypto space are significantly lower than the corresponding period last year, with a total of $473.2 million lost to hacks and fraud. This trend suggests that the industry is becoming more adept at preventing and mitigating cyberattacks.

While the report highlights the improving security measures in the decentralized space, it also underscores the need for continued vigilance. Cybercriminals are constantly evolving their tactics, and the industry must remain proactive in developing effective countermeasures. By acknowledging the successes and challenges faced in May, the industry can work towards a safer and more secure future for all stakeholders.