Overview of Blockchain Industry Dynamics in May 2024

Security Incident

In May 2024, the total loss amount caused by security incidents in the blockchain industry reached $154 million, an increase of 52.5% compared to April. The main components include:

• 11 hacker attack incidents, with losses of approximately 54.51 million US dollars.
• 6 phishing scam incidents, resulting in a loss of approximately 97.4 million USD
• The Rug Pull incident resulted in a loss of approximately $2.04 million.

Major events include:

• Gala Games lost $22.5 million due to a private key leak.
• Sonne Finance lost 20 million dollars due to a contract vulnerability.
• Together, address poisoning scam losses amount to 72 million USD.

Policy Regulation

• Zhejiang Province has introduced multiple measures to promote the application of Blockchain and other new technologies.
• The U.S. House of Representatives passed the cryptocurrency bill FIT21, which will be submitted for a vote in the Senate.
• The Central Bank of Brazil plans to establish regulations for stablecoins and cryptocurrencies this year.
• South Korea revises the Donation Law to prohibit donations using cryptocurrency.
• Countries like the Philippines and Indonesia plan to introduce regulatory frameworks for crypto assets.
• Switzerland plans to adopt global cryptocurrency tax reporting standards

Industry Development

• The first national-level Blockchain digital bill of lading system is launched in Suzhou.
• State Grid Digital Technology released the "Blockchain + Green Power Label" international standard
• The first "Blockchain + Internet of Things Security" international standard led by China has been released.
• Shanghai launches "Blockchain + Cross-border E-tax Payment" feature

Other Dynamics

• Crypto hacks and fraud have caused a loss of $473 million this year.
• The cryptocurrency super political action committee raises over $100 million for the U.S. elections.
• The Hong Kong Securities and Futures Commission requires that all aspects of virtual asset ETF products must be licensed.
• HashKey Group has obtained a full license for virtual assets in Hong Kong.