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A new report from blockchain security company Beosin has revealed that the total amount of crypto assets lost in scams and rig pulls pales in comparison to the amount stolen from decentralized finance (DeFi) projects through exploits and attacks last month. Was.
Beosin too discovered that exploit losses in May were 79% lower than in April, indicating a decline for two consecutive months.
The damage caused by the rig bridge exceeded the DeFi exploit
More than $45 million was lost from crypto rig pulls in six incidents in May. The biggest exit scam was that of DeFi lending protocol Finoch – suspected of being a Ponzi scheme – which disappeared on May 24 with 31.6 million USDT ($31.6 million) in user funds.
The second largest rig pull was the theft of approximately $5.9 million by Inferno Drainer, a multi-chain scam service provider that affected approximately 5,000 victims. Another notable rig pull was executed by the developers of the decentralized exchange (DEX) Swapram on May 19. The team withdrew $3 million in Ether (ETH) tokens from the protocol’s liquidity pool.
On the other hand, the DeFi exploit amounts to $19.6 million worth of stolen crypto assets. The largest exploit was an attack on the Arbitrum-based liquidity protocol Jimbos, which compromised 4,000 ETH worth approximately $7.5 million. Ethereum-based crypto mixer Tornado Cash was also hacked for around $2 million.
DeFi protocol Deus Finance, which has been the victim of multiple attacks, was hacked again on May 5 via a public burn vulnerability on its stablecoin DEI (DEI). The attackers took advantage of DEI token contracts on the BNB Smart Chain (BSC) and the Arbitrum network, earning over $6 million.
Raising Anti Fraud Awareness
The blockchain security firm also noted that security incidents related to hardware wallets increased in May. Beosin warned against a new type of coin theft using shared or public charging devices to implant malicious programs that could steal private keys.
“The amount involved in rig pulls exceeded this month’s attacks, and new ways to steal coins such as using shared rechargeables to steal private keys also emerged. Hackers and scammers are gradually shifting the targets of their attacks to different are shifting from project parties to common users,” said Beosin.
The firm urged users to raise anti-fraud awareness, learn several ways to safeguard their assets, and do due diligence on projects before investing in them. The biggest exit scam in May was perpetrated by Fintoch, which absconded with $31.6 million of user funds.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
A new report from blockchain security company Beosin has revealed that the total amount of crypto assets lost in scams and rig pulls pales in comparison to the amount stolen from decentralized finance (DeFi) projects through exploits and attacks last month. Was.
Beosin too discovered that exploit losses in May were 79% lower than in April, indicating a decline for two consecutive months.
The damage caused by the rig bridge exceeded the DeFi exploit
More than $45 million was lost from crypto rig pulls in six incidents in May. The biggest exit scam was that of DeFi lending protocol Finoch – suspected of being a Ponzi scheme – which disappeared on May 24 with 31.6 million USDT ($31.6 million) in user funds.
The second largest rig pull was the theft of approximately $5.9 million by Inferno Drainer, a multi-chain scam service provider that affected approximately 5,000 victims. Another notable rig pull was executed by the developers of the decentralized exchange (DEX) Swapram on May 19. The team withdrew $3 million in Ether (ETH) tokens from the protocol’s liquidity pool.
On the other hand, the DeFi exploit amounts to $19.6 million worth of stolen crypto assets. The largest exploit was an attack on the Arbitrum-based liquidity protocol Jimbos, which compromised 4,000 ETH worth approximately $7.5 million. Ethereum-based crypto mixer Tornado Cash was also hacked for around $2 million.
DeFi protocol Deus Finance, which has been the victim of multiple attacks, was hacked again on May 5 via a public burn vulnerability on its stablecoin DEI (DEI). The attackers took advantage of DEI token contracts on the BNB Smart Chain (BSC) and the Arbitrum network, earning over $6 million.
Raising Anti Fraud Awareness
The blockchain security firm also noted that security incidents related to hardware wallets increased in May. Beosin warned against a new type of coin theft using shared or public charging devices to implant malicious programs that could steal private keys.
“The amount involved in rig pulls exceeded this month’s attacks, and new ways to steal coins such as using shared rechargeables to steal private keys also emerged. Hackers and scammers are gradually shifting the targets of their attacks to different are shifting from project parties to common users,” said Beosin.
The firm urged users to raise anti-fraud awareness, learn several ways to safeguard their assets, and do due diligence on projects before investing in them. The biggest exit scam in May was perpetrated by Fintoch, which absconded with $31.6 million of user funds.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
