Major crypto hacks fell 40% in May, says PeckShield
In May 2025, total losses from crypto hacks decreased by 39.29% to $244.1 million, with the largest incident accounting for 90% of the losses. The most significant hack occurred on the Cetus decentralized exchange on May 22, resulting in $223 million in user losses. Hackers exploited a flaw in the most significant bits (MSB) check, allowing manipulation of liquidity parameters. Cetus and the Sui Network managed to freeze $157 million of the stolen funds. The second-largest exploit was a $12 million attack on the Cork Protocol, where 3,761 Wrapped Staked Ether were stolen. Other notable hacks included a suspected DPRK-linked attack for $5.2 million and an MBU token exploit for $2.2 million. The crypto industry is enhancing security measures, highlighted by BitMEX's discovery of operational security gaps in the Lazarus Group. In Q1 2025, hackers stole over $1.63 billion, with the Bybit exploit contributing significantly to these losses.
