Crypto-related losses fell by 90% in May

According to cybersecurity firm CertiK, losses from hacking attacks on crypto platforms in May totaled $68.3 million. This figure is nearly 90% lower than the $650 million loss in April. Thus, May became the third month this year with losses below $100 million. This is reported by Cointelegraph.com .

Over the past month, approximately $2.6 million of stolen funds were attributed to phishing attacks, while $9.4 million was recovered or returned. In April, the theft of $291 million from the Kelp DAO platform caused a sharp spike in monthly figures, but the situation stabilized significantly in May.

The largest loss in May occurred on May 18th on the Verus Protocol cross-chain bridge, where hackers stole $11.5 million. The THORChain protocol ranked second, with $10.1 million stolen. According to analysis, 66% of the losses, or $45 million, were caused by vulnerabilities in software code.

In terms of attack types, cross-chain bridges were the most targeted, accounting for 42% ($28.6 million) of total losses. Additionally, $13.7 million was lost due to breaches in wallet and private key security. DeFi protocols also remain in the crosshairs of scammers.

According to DeFiLlama, a total of 29 adverse incidents were recorded in May. Furthermore, the threat of AI-generated malware is increasing. Scammers are targeting crypto developers through fake Google ads and AI coding assistants.