Big losses hit the crypto world in May. Over $300 million went missing due to hacks and scams.
Most of these losses came from vulnerabilities in smart contract codes. This is a big jump – over 4,400% more than in April.
A company called CertiK reported these numbers. They said most of the losses, about $229 million, were from smart contract code problems.
Natalie Newson from CertiK called this a big anomaly in blockchain security trends. She said their research found a big increase in losses from code vulnerabilities.
Something big happened with Cetus Protocol on Sui Network. Hackers stole about $225 million. The network operators had to pause the blockchain to stop more damage.
This was a big deal because it goes against the idea of decentralization. But the operators said they had to act fast to stop the money leak.
Besides code issues, CertiK also found other problems. About $47 million was stolen through phishing scams. This is when hackers trick users into giving away their account info.
Some users also lost money because their private keys were compromised. And a few million dollars were lost to price manipulation.
These numbers are a reminder that the blockchain world is still a high-risk space. Even with better technology and regulations, users need to be careful.
Experts say users should follow best practices like using cold wallets, two-factor verification, and being careful with transactions. Education is key to avoiding these problems.
CertiK’s report is a warning that even with improvements, the blockchain ecosystem remains a high-risk area. Users need to stay vigilant.
Remember, investing in crypto is risky. Don’t invest without doing your research and talking to an expert. You could lose all your money.
Sources:
– CertiK report
– CoinDesk
– Blaze Trends
– Image credit: Blaze Trends, created with AI, public domain.
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