In the month of May, there was a noticeable decrease in crypto-related thefts compared to the previous month, according to blockchain security company, PeckShield. The company reported that approximately 20 significant crypto hacks took place, resulting in a loss of around $244.1M. This is a 39.29% decrease compared to the losses recorded in April.
One of the most substantial hacks in the month took place on May 22 on the Cetus decentralized exchange, leading to user losses of $223 million within a span of 24 hours. As per blockchain security firm Dedaub, hackers exploited a flaw in the most significant bits (MSB) check, which allowed them to manipulate the liquidity parameters and establish large positions instantly.
PeckShield and the Sui Network promptly froze $157 million in stolen funds, accounting for 71% of the total stolen amount. The second-largest exploit of the month was a $12 million attack on the DeFi platform, Cork Protocol. The attacker reportedly stole around 3,761 Wrapped Staked Ether (wstETH), which was later converted to Ether ETHUSD.
The remaining three of the top five hacks in May included a suspected DPRK-linked hack of $5.2 million, an MBU token exploit of $2.2 million, and a MapleStory Universe exploit resulting in a loss of $1.2 million.
This decline in crypto theft comes as the industry is stepping up its measures to fight against hackers. BitMEX’s security team discovered operational security gaps in the Lazarus Group, a North Korean state-sponsored cybercrime network, following a counter-operations investigation.
In the first quarter of 2025, over $1.63 billion in cryptocurrency was stolen, with the Bybit exploit accounting for more than 92% of the total losses. The industry saw over $87 million in crypto hacks in January, and a dramatic increase to $1.53 billion in February, largely due to the Bybit incident, marking one of the largest crypto thefts to date.
