Crypto Scams and Hacks Resulted in Over $302 Million in Losses in May
The largest attack was the $225 million exploit of the Cetus Protocol.
Cryptocurrency investors lost more than $300 million to scams, hacks, and exploits in May, according to blockchain security firm CertiK.
The majority of these losses stemmed from code vulnerability exploits, accounting for $229 million—a 4,483% surge from April.
Key Highlights:
- The largest exploit was the $225 million Cetus Protocol hack, which led to Sui controversially halting its blockchain.
- Phishing attacks accounted for $47 million in losses, while private key compromises contributed to losses of $11.6 million, and price manipulation totaled $1 million.
“Our research revealed an interesting anomaly in May: a significant increase in losses from code vulnerabilities, which represented a majority of exploited funds,” said CertiK senior blockchain security researcher Natalie Newson.
“It is important to point out that over the last few years, losses from code vulnerabilities have significantly decreased. In 2024, $173 million was lost to code vulnerabilities, compared with $1.3 billion in 2021.”
Final Thoughts
The largest incident was the Cetus Protocol exploit, prompting Sui to halt its blockchain as attackers made away with $225 million. For further insights and information, you can explore various newsletters for updates.
