Crypto scams and exploits in May led to $60M loss: CertiK

Crypto-related exploits, hacks, and scams in May resulted in nearly $60 million in losses, according to blockchain security firm Certik.

On May 31, CertiK confirmed that malicious players in the industry stole $59.8 million through exit scams, flash loan attacks, and DeFi protocol exploits. This brought the total year-to-date malicious losses to $489.57 million.

Crypto hacks April
Source: CertiK

In April, Certik reported total malicious losses of $103 million, making May’s figure a significant reduction over the previous month.

Recent major attacks

On-chain Dectective 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 fake claims and used a paid actor as its CEO.

The Jimbos protocol’s $7.5 million flash loan exploit lost 4,000 Ethereum (ETH) on May 28. The team said it was now working with law enforcement agencies after its 10% bounty offer to return stolen funds 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 burn function exploit, resulting in a $6.5 million loss.

Additionally, copycat meme coins remain a problem. One such case was the launch of a token imitating $PSYOP. The token’s creator, eth_ben, accused @3orovik of taking the PSYOP name, adding that users could not distinguish the two tokens.

Hackers are still relying on mixers to move their ill-gotten funds. As of May 31, Peckshield reported that malicious players transferred 956 ETH and 8,410 BNB into Tornado Cash, while 450 BNB were sent to Fixed Float.

The post Crypto scams and exploits in May led to $60M loss: CertiK appeared first on CryptoSlate.

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