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
Operation Economic Fury: US Intensifies Campaign Against Iran

The United States has intensified its campaign against Iran through Operation Economic Fury, targeting illegal oil smuggling and shadow financing, leading to severe economic repercussions for the Iranian government.

SEC Takes Action Against Nathan Fuller for Crypto Investment Fraud

The SEC has filed charges against Nathan Fuller for allegedly defrauding 150 investors in a multimillion dollar crypto investment scheme.

Large ETH Holders Show Accumulation During Market Weakness

Large ETH holders are quietly accumulating during market downturns, indicating a bullish sentiment for Ethereum.

Texas Forms Advisory Committee to Oversee Bitcoin Reserve

Texas has formed an advisory committee led by Acting Comptroller Kelly Hancock to manage its Bitcoin reserve, including experts in custody arrangements and investment strategy.

Texas Announces Plan to Buy Bitcoin for State Reserves

Texas has announced a significant move to buy more Bitcoin for its state reserves, transitioning from ETF exposure to directly held Bitcoin.

Uniswap Struggles with Selling Pressure Despite Increased Inflows

Uniswap is facing significant selling pressure as its price retreats, despite increased inflows to Binance, indicating potential intent to sell.

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