CertiK reports that crypto scams and exploits in May resulted in a loss of $60 million.

In May, crypto-related exploits, hacks, and scams resulted in losses nearing $60 million, as reported by blockchain security firm Certik.

On May 31, CertiK verified that malicious actors within the sector appropriated $59.8 million through exit scams, flash loan attacks, and exploits of DeFi protocols. This brought the cumulative malicious losses for the year to $489.57 million.

Source: CertiK

In April, Certik documented total malicious losses amounting to $103 million, indicating a notable decrease in May’s figures compared to the prior month.

Recent major attacks

On-chain detective ZachXBT reported an exit scam involving the crypto investment platform Morgan DF Fintoch, which allegedly misappropriated $31.6 million. CryptoSlate noted that the company made several fraudulent claims and employed a paid actor as its CEO.

The Jimbos protocol experienced a $7.5 million flash loan exploit, resulting in the loss of 4,000 Ethereum (ETH) on May 28. The team stated that they were collaborating with law enforcement after their 10% bounty offer to recover the stolen assets was disregarded.

Other significant incidents include the governance attack on The Tornado Cash (TORN), which caused a considerable decline in the token’s value, and the exploit of the Deus DAO burn function, leading to a loss of $6.5 million.

Moreover, the proliferation of copycat meme coins continues to be an issue. One instance involved the introduction of a token mimicking $PSYOP. The token’s creator, eth_ben, accused @3orovik of appropriating the PSYOP name, stating that users were unable to differentiate between the two tokens.

Hackers continue to utilize mixers to transfer their illicitly obtained funds. As of May 31, Peckshield reported that malicious actors moved 956 ETH and 8,410 BNB into Tornado Cash, while 450 BNB were sent to Fixed Float.

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