Blockchain security company CertiK estimates that losses from cryptocurrency-related exploits, hacks, and scams were close to $60 million in May. Due to cryptocurrency scams in May, the total amount of money taken in the sector so far this year is around $500 million.
According to the Report Published by CertiK, $60 Million Lost in May Due to Crypto Scams and Exploits
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. According to the report, the total year-to-date malicious losses to $489.57 million.
On the other hand, the malicious losses revealed by CertiK in May were significantly lower than those disclosed by the company in April, which totaled $103 million.
Some Fraud Cases in May
An exit fraud by cryptocurrency investment platform Morgan DF Fintoch, which is accused of stealing $31.6 million, was purportedly reported by on-chain detective ZachXBT. According to CryptoSlate, the company used a paid actor as its CEO and made several false promises.
On May 28, the Jimbos protocol’s $7.5 million flash loan vulnerability resulted in the loss of 4,000 Ethereum (ETH). The team claimed that after its 10% bounty offer to restore stolen monies was rejected, it is now cooperating with law enforcement agencies.
About CertiK
In order to secure the web3 globe, professors from Yale University and Columbia University launched CertiK in 2018. Blockchain security technology leader CertiK is at the forefront of innovation. With the use of cutting-edge Formal Verification technology on blockchains and smart contracts, CertiK is a pioneer in blockchain security. By utilizing top-tier artificial intelligence (AI) technology, it safeguards and keeps an eye on blockchain protocols and smart contracts.
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