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$60M Lost Due To Crypto Scams And Exploits In May: CertiK

According to blockchain security firm Certik, nearly $60 million was lost due to crypto-related exploits, hacks and scams in May.

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 year-over-year malicious loss to $489.57 million.

Source: Certic

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

recent major attacks

On-chain detective ZachXBT reported an exit scam by crypto investment platform Morgan DF Fintoc that allegedly stole $31.6 million. cryptoslate Told that the company made many fake claims and used a paid actor as its CEO.

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 ignoring a 10% bounty offer to return the stolen money.

Other notable incidents include The Tornado Cash (TORN) governance attack, which caused a massive drop in the token’s price, and the Deus DAO burn function exploit, which resulted in a loss of $6.5 million.

Additionally, copycat meme coins continue to be a problem. One such case was the launch of the $PSYOP copycat token. The creator of the coin, eth_ben, accused @3orovik of taking the PSYOP name, saying that users cannot differentiate between the two coins.

Hackers are still relying on Mixer to move their illicit funds. As of May 31, Peckshield reported that malicious players moved 956 ETH and 8,410 BNB to Tornado Cash, while 450 BNB were moved to Fixed Float.

Posted in: Ethereum, analysis, DeFi, scams author Oluwapelumi Adejumo Journalist at CryptoSlate

Oluvapelumi values ​​the potential of bitcoin. He provides insight on a range of topics such as DeFi, hacks, mining and culture, underlining its transformative power.

Editor Samuel Wan Analyst at CryptoSlate

Samuel Wan, a finance professional turned full-time crypto content creator, values ​​personal autonomy and personal freedom in his pursuits.

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