Cryptocurrency traders misplaced greater than $300 million to scams, hacks and exploits in Might, in line with blockchain safety agency CertiK.
Nearly all of these losses have been associated to code vulnerability exploits, which accounted for $229 million — a 4,483% rise on April.
Phishing, which entails an attacker stealing a person’s buying and selling account or pockets credentials, accounted for $47 million of losses whereas non-public key compromise and worth manipulation have been behind $11.6 million and $1 million of losses respectively.
“Our analysis revealed an fascinating anomaly in Might: a major improve in losses from code vulnerabilities, which represented a majority of exploited funds”, stated CertiK senior blockchain safety researcher Natalie Newson.
“You will need to level out that over the quick few years, losses from code vulnerabilities have decreased considerably. In 2024 $173 million was misplaced to code vulnerabilities, in contrast with $1.3 billion in 2021.”
The most important incident of all in was the Cetus Protocol exploit that prompted Sui to controversially pause the blockchain as attackers made off with $225 million.