Review of Important Events in the Blockchain Industry in May 2024

Security Incident

In May, there were more than 37 typical security incidents, with a total loss amounting to 154 million USD, an increase of about 52.5% compared to April. Among them:

• The attack incident resulted in a loss of approximately $54.51 million.
• The losses from fishing scam incidents are approximately 97.4 million USD.
• The Rug Pull incident resulted in a loss of approximately 2.04 million USD.

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
• Address poisoning scam caused a loss of 72 million USD

Crypto Crime Cases

In May, there were 20 major cryptocurrency crime cases, with generally high amounts involved:

• Chengdu police have cracked a major underground money laundering case involving virtual currency, with a total amount of 138 million yuan.
• Jilin police cracked a case involving 2.14 billion yuan of illegal virtual currency operations in an underground money house.
• The U.S. Department of Justice has indicted a Cartier jewelry heir suspected of laundering hundreds of millions of dollars using USDT.
• The United States has arrested a suspect in a $130 million botnet fraud.

Blockchain Industry Development

• The first national-level blockchain digital bill of lading system in the country is now operational in Suzhou Industrial Park.
• State Grid released the "Blockchain + Green Electricity Label" international standard
• The first "Blockchain + Internet of Things Security" international standard led by China has been officially released.
• Shanghai launches "Blockchain + Cross-border Electronic Tax Payment" feature

Digital Asset Regulation

• The U.S. House of Representatives passed the cryptocurrency bill FIT21
• The Brazilian central bank plans to establish regulations for stablecoins and cryptocurrencies this year.
• South Korea revises the Donation Law to prohibit donations using cryptocurrency
• The Philippine Securities and Exchange Commission plans to introduce a regulatory framework for cryptocurrency assets.
• Switzerland is consulting on the implementation of a global cryptocurrency reporting framework.

Development of Virtual Assets in Hong Kong

• The Hong Kong Securities and Futures Commission requires that every stage of the operation of virtual asset ETF products must be licensed.
• HashKey Group obtained the AMLO license from the Hong Kong Securities and Futures Commission, becoming a fully licensed unicorn.
• The Hong Kong Securities and Futures Commission warns the public to be wary of virtual asset fraud activities named "Quantum AI".

Other Important Events

• The Cryptocurrency Super Political Action Committee raises over $100 million for the 2024 US elections.
• British media reported that 61,000 bitcoins related to the Qian Zhimin case may belong to the UK police and the Home Office.
• The President of Colombia is accused of accepting $500,000 in illegal cryptocurrency project donations during the 2022 campaign.