Crypto bridge hacks hit 14 protocols, drain $340.7mln in May – Report

May is over, and it was another month filled with exploits. According to a report by PeckShieldAlert, 14 significant bridge exploits occurred in the crypto space in May.

This ultimately led to the theft of $340.7 million from cross-chain protocols by hackers.

Exploits seen in May

The Verus-Ethereum Bridge attack, which cost $11.4 million, and the THORChain exploit, which cost $10 million, are two notable attacks in this list that have cost more than $10 million.

Meanwhile, hackers took $5.4 million from Gravity Bridge and $8.8 million from IoTeX.io Bridge. According to the list, there are still significant security issues with interoperability solutions.

This is because many of these systems rely on message-passing mechanisms between chains, validators or relayers, and smart contracts that store vast amounts of assets. In contrast to single-chain applications, these components add complexity and expand attack surfaces.

Does April still top the rank in maximum monthly hacks?

Additionally, AMBCrypto reiterated that after a contained $169 million in Q1, losses significantly increased in May, bringing figures to almost $770 million in the year so far.

In April alone, there were nearly 30 incidents totaling over $600 million, indicating a change from intermittent breaches to ongoing pressure.

Having said that, the KelpDAO/LayerZero exploit on the 18th of April was the biggest event in this dataset, resulting in losses of about $292 million.

According to DeFiLlama’s data, the total value compromised in April was $634.85 million, which is still the highest amount.

May came in second with $60.03 million. On the other hand, January saw no losses, February saw $24.21 million, and March saw $41.26 million.

The ultimate solution to prevent such exploits

Although there isn’t a one-size-fits-all solution for bridge exploits, a combination of architectural and operational improvements can help reduce them.

Combining decentralized validation, cryptographic verification, thorough auditing, and risk controls is necessary for bridge security. Reducing funds held in bridge contracts and minimizing trust are still crucial to stop widespread exploits because bridges link separate trust domains.

Final Summary

• There were many bridge exploits that resulted in losses of over $10 million, including the Verus-Ethereum Bridge attack and the THORChain exploit.
• Despite 14 exploits in the month of May, April still remains the month that saw the maximum losses due to hacks and exploits.