Coin Edition -
- May’s crypto losses totaled $42.6M due to hacks, scams, and exploits.
- Gala Games suffered the largest exploit, losing $21.6M in May.
- Sonne Finance faced a $20 million flash loan attack, topping the list.
CertiK verified that in May, the crypto space lost a staggering $42.6 million from a multitude of hacks, exploits, and rug pulls. This sum is a tad higher than the $41.6 million loss in April.
According to CertiK’s study, exit scam losses in May amounted to $1.8 million, flash loans drained $20.7 million, and exploits siphoned off $19.7 million. Gala Games was hit the hardest in May over a $21.6 million scam. This topped the biggest exploit instances, followed by Sonne Finance, which suffered a $20 million loss.
Trees On Sol suffered a $1.11 million loss in exit scams in May; Pii Park followed with $490,000; Novamind with $123,019; and Arbalest with $91,520.
What’s interesting is, that flash loan attacks have resulted in notable losses in odd-numbered months this entire year. Each of January, March, and May had overall losses of $15.3 million, $21.9 million, and $20.7 million.
By contrast, losses in February and April came to less than $150,000. Exit scams claimed the most severe money loss overall in February ($58.3 million). Less than 10% of this total was recorded in other months.
Gala Games losses can be attributed to unauthorized money transfers due to flaws in their smart contract infrastructure. This event emphasizes how difficult it is still to protect decentralized platforms from advanced attackers.
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