According to a report from a blockchain security company, the total losses from cryptocurrency hacking attacks in May this year showed a significant downward trend compared to April, with the largest incident accounting for about 90% of the total losses for the month.
This decline coincides with the cryptocurrency industry's efforts to strengthen defenses to stay ahead of hackers. "In May 2025, we recorded about 20 major cryptocurrency hacking incidents, resulting in a total loss of $244.1 million—down 39.29% from April," the blockchain security company PeckShield stated on the social media platform X on May 31.
The most severe hacking incident of the month occurred on May 22, when the Cetus decentralized exchange was attacked, leading to user losses of up to $223 million within 24 hours.
Blockchain security company Dedaub analyzed that hackers exploited a vulnerability in the Most Significant Bit (MSB) checking mechanism, successfully manipulating liquidity parameter values to change their magnitude, thereby establishing large positions with simple operations.
PeckShield's report indicated that Cetus and the Sui network successfully froze $157 million of stolen funds, accounting for about 71% of the total stolen amount. PeckShield identified the second-largest attack in May as a $12 million hacking incident targeting the DeFi platform Cork Protocol.
Cybersecurity company Cyvers analyzed that the attackers of Cork Protocol exploited vulnerabilities to steal approximately 3,761 wrapped staked Ether (wstETH), which were subsequently converted into Ethereum (ETH).
The remaining three of the top five hacking attacks that month included a suspected $5.2 million hack linked to North Korea, a $2.2 million exploit targeting MBU tokens, and a $1.2 million loss from a MapleStory Universe vulnerability attack.
These incidents occurred as the cryptocurrency industry actively strengthened its security measures to fend off malicious actors.
On May 31, Cointelegraph reported that the security team of the cryptocurrency exchange BitMEX launched counter-surveillance operations against the North Korean government-supported cybercrime organization Lazarus Group, successfully identifying flaws in the organization's operational security and revealing key information such as IP addresses, databases, and tracking algorithms used by the malicious group.
In the first quarter of 2025, hackers stole over $1.63 billion in cryptocurrency. PeckShield specifically noted that attacks on the Bybit platform accounted for more than 92% of the total losses.
The security company also reported that in January this year, losses from hacking attacks exceeded $87 million, while February saw a dramatic surge to $1.53 billion, primarily due to a large-scale attack on Bybit. This incident is considered one of the largest cryptocurrency thefts to date.
Related: Czech Justice Minister resigns after receiving a $45 million Bitcoin (BTC) donation from criminals.
Original text: “PeckShield Report: Cryptocurrency Crimes Caused $244 Million in Losses in May, but Hacking Losses Decreased by 40% Year-on-Year”
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