$302 Million Lost to Cryptocurrency Scams and Hacks in May
In May, cryptocurrency investors lost over $300 million due to scams, hacks, and exploits, as reported by CertiK.
- Code vulnerability exploits accounted for $229 million in losses, a 4,483% increase from April.
- Phishing led to $47 million in losses.
- Private key compromises resulted in $11.6 million in losses.
- Price manipulation caused $1 million in losses.
CertiK noted a significant rise in losses from code vulnerabilities, which previously had decreased over the years. In 2024, $173 million was lost to such vulnerabilities compared to $1.3 billion in 2021.
The largest incident was the Cetus Protocol exploit, where attackers stole $225 million, prompting Sui to pause its blockchain.