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
Crypto Market Makers Navigate Fragmented Execution Environments

Crypto market makers like Wintermute and GSR are essential in navigating fragmented execution environments, managing cross-venue exposure and ensuring market stability.

Exports and Housing Optimism Bolster South Korean Economic Outlook

Strong exports, particularly in semiconductors, and rising housing expectations contribute to a positive economic outlook in South Korea.

South Korean Consumer Sentiment Remains Strong in December

Consumer sentiment in South Korea remained strong in December, with the index at 109.9, indicating optimism despite inflation and market volatility.

Brett Attracts Speculative Traders with Volume Spikes

Brett shows significant trading activity and speculative interest, appealing to short-term traders.

Solana Leadership Proposes Disinflation Measures to Address Market Decline

Solana's leadership proposes to double the disinflation rate to 30% per annum to address a significant drop in market interest and stabilize long-term engagement from investors.

Intuit collaborates with Circle for USDC integration.

Intuit has partnered with Circle to integrate USDC into its platforms for faster payments.

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