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
Polymarket's Valuation and Trading Volume in Question

Polymarket's $9 billion valuation and $25 billion trading volume are under scrutiny due to a data bug, raising concerns about investor confidence.

Polymarket's Trading Volume Overstated Due to Data Bug

A researcher from Paradigm reveals that Polymarket's trading volume may be significantly inflated due to a data bug affecting major dashboards.

Arkham Exposes MicroStrategy's Bitcoin Accumulation Strategy

Arkham reveals significant OTC flows related to MicroStrategy's aggressive Bitcoin accumulation strategy, highlighting the company's leveraged position and potential liquidation risks.

TRON DAO Shines as Gold Tier Sponsor at Binance Blockchain Week 2025

TRON DAO successfully concluded its participation as a Gold Tier Sponsor at Binance Blockchain Week 2025, showcasing its advancements in stablecoin infrastructure and decentralized applications.

Understanding Market Reactions Through Russia's Historical Crises

Experts analyze past geopolitical crises involving Russia to understand their impact on financial markets, using the 2022 invasion of Ukraine as a reference for potential market movements.

Putin Signals Readiness for War with Europe Amid Rising Tensions

Putin signals readiness for war with Europe amid failed peace talks and rising tensions.

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