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 expert forecasts optimistic outlook for Dogecoin.

A crypto analyst, Crypto Patel, predicts a bullish future for Dogecoin, suggesting a potential rally towards $2 based on historical market patterns.

Other Crypto-Related Stocks Suffer Losses

Other crypto-related stocks experienced significant losses in recent trading sessions, with BitMine and Sharplink falling 46.2% and 61.4%, respectively.

Binance Being Examined for Possible Breaches of Sanctions.

Senator Richard Blumenthal has raised concerns about Binance's potential involvement in facilitating violations of US and international sanctions related to Iran.

US Treasury Targets Iranian Crypto Exchanges with New Sanctions

The US Treasury has announced new sanctions targeting Iranian crypto exchanges, including Nobitex, to combat the regime's use of digital assets for evading international restrictions.

Democrats Raise Alarm Over DOL's Crypto Investment Proposal for 401k Plans

Democratic lawmakers raise concerns over a DOL proposal allowing 401k investments in cryptocurrencies, warning it could risk $142 trillion in retirement savings.

BNB Chain Positioned for Growth Post-CLARITY Act

Grayscale's Head of Research identifies BNB Chain as a leading ecosystem poised to capture institutional flows following the anticipated CLARITY Act.

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