Hackers and scam cryptoprojects stole $71 million in crypto in May

Hackers stole about $16 million in nearly 60 attacks on cryptoservices. And scam cryptoprojects scammed investors out of $55 million

In May 2023, hackers, scammers and unscrupulous crypto developers stole more than $71 million in cryptocurrencies. This follows information from cybersecurity company PeckShield. At the same time, about $16 million was stolen during hacks. And scam projects (fraudulent projects) accounted for more than $55 million of losses.

According to experts’ calculations, there were 59 hacks of cryptoservices during the month. And the total amount of stolen funds amounted to $16.03 million, not including $4.13 million, which were returned by hackers on different terms.

The largest hack in May was an attack on the Arbitrum network’s liquidity protocol called Jimbos Protocol ($7.5 million). And then comes the hack of DEI’s stabelcoin issuer, Deus DAO ($2.5 million). In third place was the Tornado Cash cryptomixer incident, with losses of $1.12 million.

Most of the money stolen in May – $55 million – came from scam cryptoprojects and unscrupulous developers. The DFintosh cryptoprotocol team is suspected of stealing $31.6 million, while developers of the IPP stacking pool escaped with $14.5 million. In third place are the creators of the XIRTAM project with the theft of $3.4 million.

Our experts note that due to the popularity of meme tokens in the past month, many scam groups created dozens of cryptocurrencies on the theme of popular memes. Scammers artificially inflated their token prices. In order to attract investors. And then absconded with the funds of trusting users.