The total crypto losses in May amounted to $42.6M as a result of breaches, schemes, and exploits. May was the worst month for Gala Games, which lost $21.6 million.
CertiK confirmed that a series of breaches, vulnerabilities, and rug pulls cost the cryptocurrency market an astounding $42.6 million in May. The deficit in April was $41.6 million, so this amount is somewhat more.
In May, exit scams lost $1.8 million, flash loans $20.7 million, and exploits $19.7 million, according to CertiK’s report. May was the worst month for Gala Games due to a $21.6 million fraud. After Sonne Finance’s $20 million loss, this was the worst case scenario in terms of exploits.
In May, exit frauds cost Trees On Sol $1.11 million, Pii Park $490,000, Novamind $123,019, and Arbalest $91,520.
It is worth noting that throughout the year, odd-numbered months have seen significant losses due to flash loan assaults. General losses for the months of January, March, and May were $15.3 million, $21.9 million, and $20.7 million, respectively.
In comparison, the losses for the months of February and April were below $150,000. The largest single source of financial loss in February ($58.3 million) was exit scams. Months other than this one accounted for less than 10% of the total.
The faulty smart contract infrastructure of Gala Games allowed for unlawful money transfers, which led to their losses. This incident shows how hard it is to prevent sophisticated attacks on decentralized networks.
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