TL;TD:
In May 2023, the cryptocurrency market experienced numerous scams and hacking incidents resulting in total losses of over $54 million. The BNB Chain ecosystem suffered the most significant losses, amounting to $37 million across ten cases. Rug pulls were the most prevalent type of scam, with twelve cases and losses totaling $37 million. Exploits and flash loan attacks also contributed to substantial losses. Governance tokens were the most commonly targeted category, with losses reaching $3.3 million. Stablecoins recorded the highest single loss of $6.2 million.
Facts
- In May 2023, the cryptocurrency market saw scams and hacking incidents leading to over $54 million in cumulative losses.
- BNB Chain ecosystem accounted for the majority of the incidents, with losses exceeding $37 million across ten cases.
- Rug pulls were the most prevalent, causing losses of $37 million in twelve cases.
- Exploits resulted in losses of $8.8 million across nine cases, while flash loan attacks caused losses of $8.9 million in five cases.
- Governance tokens were the most commonly targeted category, with 19 cases and losses totaling $3.3 million.
- Decentralized exchanges (DEX) experienced losses of $4 million in three cases, while stablecoins recorded a single loss of $6.2 million.
- Other categories, such as yield aggregators, gaming and metaverse applications, NFTs, and centralized crypto platforms, reported no losses during this period. Borrowing and lending protocols remained unaffected.
Source: Coindesk
