Crypto-related exploits, hacks and scams resulted in nearly $60 million in losses in May, according to blockchain security firm Certik.
On May 31, CertiK confirmed that malicious industry players stole $59.8 million through exit scams, flash loan attacks, and exploits of the DeFi protocol. This brought total malicious losses since the start of the year to $489.57 million.
In April Certik reported total malicious losses of $103 million, making May’s figure a significant reduction from the previous month.
Recent major attacks
On-chain Detective ZachXBT reported an exit scam by crypto investment platform Morgan DF Fintoch, which allegedly stole $31.6 million. CryptoSlate reported that the company made several bogus claims and used a paid actor as CEO.
The $7.5 million Jimbos Protocol flash loan lost 4,000 Ethereum (ETH) on May 28. The team said it was now cooperating with law enforcement after its 10% offer to return stolen money was ignored.
Other notable incidents include the Tornado Cash (TORN) governance attack, which led to a significant drop in the token price, and the Deus DAO exploitation feature, resulting in a $6.5 million loss.
In addition, copycat meme coins remain a problem. One such case was the launch of a token imitating $PSYOP. The creator of the token, eth_ben, accused @3orovik of adopting the PSYOP name, adding that users could not tell the two tokens apart.
Hackers still rely on mixers to move their ill-gotten money. As of May 31, Peckshield reported that malicious players transferred 956 ETH and 8,410 BNB to Tornado Cash, while 450 BNB were sent to Fixed Float.
The post Crypto scams and exploits led to a loss of $60 million in May: CertiK first appeared on CryptoSlate.
