Cryptocurrency investors lost more than $300 million in scams, hacks and exploits in May, according to blockchain security company Certik.
The majority of these losses were related to code vulnerability exploits that accounted for $229 million. This increased by 4,483% in April.
Phishing involving attackers stealing user trading accounts or wallet credentials accounted for $47 million, while key personal compromises and price manipulation were behind $11.6 million and $1 million respectively.
“Our research revealed an interesting anomaly in May, a significant increase in losses from code vulnerabilities representing most of the exploited funds,” said Natalie Newsson, senior blockchain security researcher at Certik.
“It is important to note that over the years the losses from code vulnerabilities have been significantly reduced. In 2024, $173 million was lost to code vulnerabilities compared to $1.3 billion in 2021.”
The biggest incident of all was an exploit of the Cetus protocol that prompted SUI to suspend the controversial blockchain as the attacker was made for $225 million.
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