May’s Hack and Fraud Losses Drop by 12%!

Losses due to crypto hacks and fraud have been steadily decreasing over the past few months, and May was no exception.

Author

Danielle du Toit
May 31, 2024

 This newsletter is brought to you by:

In 1983, a real estate developer from New York City bought an unnamed piece of art for $19,000, without knowing that it would be auctioned for an astonishing $110 million in 2017.

This certainly highlights the potential profitability of investing in art. Masterworks, a platform dedicated to blue-chip art investments, offers everyday investors the chance to engage in this very lucrative market. Masterworks operates by allowing its investors to make profits upon the sale of artworks, a strategy that has proven very successful so far.

Readers of Coinpaper Digest benefit from an exclusive opportunity to join Masterworks and embark on their own exciting investment journey.

Here's what we've got for you today:

  • Crypto Fraud and Hack Losses Drop 12% Year-Over-Year in May

  • SEC Gives Ethereum ETF Applicants a Friday Ultimatum: Revise or Risk Rejection

  • PEPE Trading Volumes Surge 3x From Start of May Just Days After ATH

  • Nansen Report Sparks Controversy Over DBS’s Involvement in Ethereum

Losses due to crypto hacks and fraud have been steadily decreasing over the past few months, and May was no exception to this trend as these losses declined by 12% year-over-year.

  • In May 2024, about $52 million was lost in the Web3 industry, which is a decent decrease from the $59 million in the same month last year. It also means that there was a 28% decline in crypto losses compared to April.

  • The biggest losses in May stemmed from two major incidents: a hack of the Web3 gaming protocol Gala Games, resulting in approximately $21 million in losses, and a smart contract exploit against Sonne Finance, causing $20 million in losses.

  • Ethereum and BNB Smart Chain were the most targeted networks as they attracted 62% of the attacks.

The SEC requested all firms that have filed for spot ETH ETFs to submit their amended S-1 filings by Friday.

  • The SEC approved the spot ETH ETF 19b-4 filings from VanEck, BlackRock, Grayscale, and other applicants on May 23. However, the initial S-1 filings were not up to SEC standards, causing a last-minute scramble to adjust the applications.

  • Asset management firms have been instructed to resubmit their S-1 filings by Friday, after which the SEC will give its first round of comments.

  • JPMorgan analysts predict that the initial market reaction to the launch of spot Ethereum ETFs will likely be negative.

PEPE’s price has dropped by 12% since reaching new all-time highs, but its trading volume has surged.

  • On May 5, Pepe traded at around $0.000008834 with a trading volume of $783.17 million. Later, the price of the meme coin surged by 94% to reach new highs before slipping again.

  • In the past 24 hours, PEPE's trading volume surged to $2.47 billion, a 216% increase from the start of the month.

  • While some crypto traders believe that PEPE is steering the direction of the entire meme coin market, others are still a bit skeptical of its sudden fall after recently hitting new highs.

Singapore's largest bank has been identified as a major holder of ETH by Nansen, though the bank denies these claims.

  • Nansen's report claimed a blockchain address allegedly owned by DBS held 173,753 ETH, which is valued at around $647 million, but DBS denied this and stated they do not hold such a position.

  • DBS is well known for being involved in the crypto market, and it even offers services like custody solutions, a trading exchange for security tokens, and a portfolio management application for traditional and crypto assets.

  • The alleged ETH holdings by DBS come at a crucial time for the crypto market with the crypto community looking forward to the launch of spot Ether ETFs in the U.S.

👀 QUICK NEWS

MEME OF THE DAY

How did you like today's newsletter?

Login or Subscribe to participate in polls.

That’s it for today. Don’t forget to share Coinpaper Digest with your friends!