The month of May witnessed significant setbacks in the cryptocurrency realm, with losses amounting to a noteworthy $42.6 million due to various malicious activities such as hacks, scams, and exploits. Gala Games encountered the most severe blow, facing a staggering $21.6 million loss as a result of exploits. Following closely, Sonne Finance fell victim to a flash loan attack, losing a substantial sum of $20 million. CertiK, a trusted entity in the crypto industry, confirmed that these incidents collectively contributed to the overall cryptocurrency losses in May, surpassing the previous month's figures of $41.6 million. According to CertiK's analysis, the breakdown of losses in May reveals that exit scams accounted for $1.8 million, flash loans drained $20.7 million, and exploits siphoned off $19.7 million from the cryptocurrency ecosystem. The impact of these incidents is evident in the figures disclosed by CertiK. Notably, Gala Games suffered the most significant setback with a $21.6 million scam, leading the list of exploited platforms. Sonne Finance closely followed with a $20 million loss, emphasizing the severity of the flash loan attack it experienced. Other platforms affected by exit scams in May include Trees On Sol with a $1.11 million loss, Pii Park with $490,000, Novamind with $123,019, and Arbalest with $91,520. A peculiar trend observed throughout the year is the prevalence of flash loan attacks in odd-numbered months. Noteworthy financial losses were recorded in January, March, and May, amounting to $15.3 million, $21.9 million, and $20.7 million, respectively. In contrast to these unfortunate events, the cryptocurrency landscape continues to face challenges in combating fraudulent activities and protecting investors' assets.
Cryptocurrency Losses in May 2022

by Giorgi Kostiuk
2 years ago

Other news
Bitcoin Surges Above $70,000 Amid Geopolitical Tensions

Bitcoin's price crossed back above $70,000 as traders reacted to signals of a potential winding down of the US military campaign against Iran.

XRP Ledger's Role in the Future of Tokenization

The XRP Ledger, capable of tokenizing assets for over a decade, is now being recognized as a key player in the tokenization of real-world assets as institutional interest grows.

Authorities Investigate Home Invasion and Crypto Theft in Versailles

Authorities in Versailles are investigating a home invasion where three suspects posed as police and stole approximately 1 million in Bitcoin from a couple in their late 50s.

Analysts Predict Future Price Movements for Avalanche (AVAX)

Analysts predict that Avalanche (AVAX) may enter a sideways trajectory in the coming months, with a potential price target of $9.55 by June 2026.

Avalanche (AVAX) Experiences Significant Price Rally

Avalanche's AVAX price has surged by 32% in the last 24 hours amid a broader crypto market rebound.

Gemini's Stock Recovers After Executive Changes and Layoffs

Gemini's stock has rebounded after a significant drop following the announcement of executive departures and layoffs.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter