DeFi Hacks Dominate May: $302 Million in Crypto Losses Reported

• The most notable incident was the Cetus exploit, which accounted for $223 million of the total losses
• Overall losses were lower by 16.9% when compared to April
• There were around 20 crypto hacks and incidents in May

The cryptocurrency sector experienced big security breaches last month, resulting in approximately $302 million in losses, predominantly due to DeFi exploits. The most notable incident was the Cetus exploit, which accounted for $223 million of the total losses.

The data was reported by CertiK (blockchain security firm), and it shows that the overall losses were lower by 16.9% when compared to April. Additionally, phishing scams dropped notably from $337 million to $47.6 million.

Apart from Cetus, there were around 20 crypto hacks and incidents in May, such as Cork Protocol ($12 million), BitoPro ($11.5 million), MobiusDAO ($2.1 million), Demex Nitron ($1 million), and so on.

Interestingly enough, it was stated that there was a decrease in losses stemming from code-related issues in recent years, underscoring the vital role of AI audits and proactive monitoring.

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