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
SpaceX Warns Investors About Viability of Orbital AI Data Centers

SpaceX warns investors that its plans for orbital AI data centers may not achieve commercial viability due to significant technical complexities.

SUI Network Set to Revolutionize Finance with Upcoming Upgrades

The SUI network is set to launch significant upgrades that could transform global finance.

RedotPay Launches SUI and USDC Integration for Real-World Transactions

RedotPay has launched an integration of SUI and USDC, allowing users to utilize digital assets for real-world transactions.

Ethereum Staking Activity Surges to New Heights

Ethereum staking has reached unprecedented levels as both retail and institutional investors increase their participation.

Analyst Predicts Potential XRP Rally Amid Market Trends

Crypto analyst Egrag Crypto predicts that XRP could rally to between $9 and $13, indicating a macro uptrend despite recent market fluctuations.

XRP Adoption Grows with New Partnerships in Japan

XRP adoption in Japan is enhanced through new partnerships between SBI and Tobu Top Tours, allowing users to buy and spend XRP with loyalty points at 5 million merchants.

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