Crypto Crooks Targeted $244M in May, Hack Losses Down 40% — PeckShield
In a significant development for the cryptocurrency industry, blockchain security firm PeckShield has reported that hackers targeted crypto exchanges and platforms with losses of $244.1 million in May, marking a 39.29% decrease from April's total losses.
The majority of funds from the month's largest hack were frozen by Cetus and the Sui Network, which collectively held approximately $157 million in stolen funds, accounting for around 71% of the total amount lost. The most significant exploit of the month occurred on the Cetus decentralized exchange on May 22, with an astonishing $223 million in user losses within a mere 24 hours.
According to blockchain security firm Dedaub, hackers exploited a flaw in the Most Significant Bits (MSB) check, allowing them to manipulate liquidity parameters by orders of magnitude and establish large positions with just one keystroke. This sophisticated attack highlighted the ongoing cat-and-mouse game between crypto developers and hackers.
PeckShield also reported that the second-largest exploit of the month was a $12 million attack on the DeFi platform Cork Protocol. The attacker used an exploit to steal approximately 3,761 Wrapped Staked Ether (wstETH), which was then converted to Ether (ETH).
The last three of the five largest hacks for the month were a suspected DPRK-linked hack for $5.2 million, an MBU token exploit for $2.2 million, and a MapleStory Universe exploit for $1.2 million. These incidents serve as a reminder that crypto hacks can occur at any time and from various sources.
Meanwhile, the crypto industry has been ramping up its efforts to protect itself against bad actors. On May 31, Cointelegraph reported that BitMEX's security team discovered gaps in the operational security of the Lazarus Group, a North Korean government-sponsored cybercrime network, following a counter-operations probe.
The discovery was a significant development in the ongoing battle between crypto exchanges and hackers. The incident exposed IP addresses, a database, and tracking algorithms used by the malicious group, providing valuable insights for future security measures.
A Look at the Numbers
In January, hackers stole over $87 million in cryptocurrency from various platforms. February saw a dramatic spike to $1.53 billion, primarily due to the Bybit attack, which remains one of the largest crypto thefts to date.
During the first quarter of 2025, hackers stole an astonishing $1.63 billion in cryptocurrency. The Bybit exploit accounted for more than 92% of total losses during this period.
The Crypto Industry's Response
As the crypto industry continues to evolve, it is essential that developers and exchanges prioritize security measures to protect users' assets. PeckShield's report serves as a reminder that crypto hacks can occur at any time, and it is crucial for the industry to stay vigilant.
In light of these developments, it is essential for users to remain informed about potential risks and take necessary precautions to safeguard their investments. By working together, we can create a more secure and reliable cryptocurrency ecosystem.