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

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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 actors in the industry stole $59.8 million through exit scams, flash loan attacks, and DeFi protocol exploits. This brought the total malicious losses since the start of the year to $489.57 million.

Source: CertiK

In April, Certik reported total malicious losses of $103 million, making Mays a significant reduction from the previous month.

Recent major attacks

Chain sleuth ZachXBT reported an exit scam by crypto investment platform Morgan DF Fintoch that allegedly stole $31.6 million. CryptoSlate reported that the company made several false claims and used a paid actor as CEO.

Jimbos Protocols’ $7.5 million flash lending exploit lost 4,000 Ethereum (ETH) on May 28. The team said they are now working with law enforcement after their offer of a 10% bounty to return the stolen funds was ignored.

Other notable incidents include The Tornado Cash (TORN) governance attack, which led to a significant drop in the price of the token, and the exploit of the Deus DAO burn function, resulting in a loss of 6.5 million of dollars.

Additionally, imitated meme pieces remain a problem. One such case was the launch of a token mimicking $PSYOP. The creator of the tokens, eth_ben, accused @3orovik of taking the name PSYOP, adding that users could not tell the two tokens apart.

Hackers still rely on mixers to move their ill-gotten funds. 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.

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