Hackers and fraudulent crypto projects stole $71 million in cryptocurrency in May

Hackers and fraudulent crypto projects stole $71 million in cryptocurrency in May

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Author: Robert Strickland (crypto-journalist)
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Hackers and fraudulent crypto projects stole $71 million in cryptocurrency in May
Hackers and developers of fraudulent crypto projects stole $71 million in cryptocurrency in May
Hackers stole about $16 million in nearly 60 attacks on crypto services, and unscrupulous developers defrauded investors of $55 million

Hackers, fraudsters, and unscrupulous crypto developers stole more than $71 million in cryptocurrencies during May 2023, according to cybersecurity company PeckShield. At the same time, about $16 million was stolen in hacks, and scam projects (fraudulent projects) accounted for more than $55 million of losses.

Experts estimate that there were 59 hacks of crypto services during the month, 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 the attack on the Arbitrum network liquidity protocol called Jimbos Protocol ($7.5 million), followed by the hack of DEI's stablecoin issuer Deus DAO ($2.5 million). In third place was the Tornado Cash cryptomixer incident, with losses totaling $1.12 million.

Most of the money stolen in May - $55 million - came from fraudulent crypto projects and unscrupulous developers. The DFintosh cryptoprotocol team is suspected of stealing $31.6 million, developers of the IPP stacking pool absconded with $14.5 million, with the XIRTAM project creators in third place with $3.4 million stolen.

Due to the popularity of meme tokens, many scam groups created dozens of cryptocurrencies based on popular memes over the past month. Attackers artificially inflated the prices of their tokens to attract investors and then absconded with the funds of gullible users.

For example, the scammers used Bitcoin Pizza Day, which is celebrated in the cryptocurrency community on May 22. The scammers earned tens of thousands of dollars on several tokens based on the holiday.

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