The crypto industry saw a significant drop in hack-related losses in May 2025, with attackers stealing $244.1 million, according to blockchain security firm PeckShield. This marks a 39.29% decrease compared to April’s total.
Cetus DEX Exploit Accounts for 90% of May’s Losses
The largest incident of the month occurred on May 22, when Cetus decentralized exchange suffered a devastating hack. The attackers exploited a flaw in the MSB (most significant bits) check, allowing them to manipulate liquidity parameters and quickly open large positions.
The breach led to approximately $223 million in user losses within 24 hours.
Despite the scale, a coordinated response helped recover some funds. Cetus and the Sui Network successfully froze $157 million, or roughly 71% of the stolen amount.
Other Major Hacks in May
Beyond Cetus, other significant hacks include:
- Cork Protocol: Suffered a $12 million exploit, where attackers stole 3,761 Wrapped Staked Ether (wstETH) and converted it to ETH.
- DPRK-linked attack: Estimated at $5.2 million, highlighting continued threats from state-sponsored cybercrime.
- MBU Token exploit: Resulted in $2.2 million in stolen assets.
- MapleStory Universe: Reported a $1.2 million loss due to a technical vulnerability.
February Still Holds Record for 2025 Hack Losses
While May’s figures were substantial, they pale in comparison to February 2025, when crypto hacks peaked at $1.51 billion. The Bybit exploit alone accounted for 92% of those losses, underscoring the scale of vulnerabilities that still plague the sector.
Stronger Security Measures Underway
The drop in May’s losses reflects the industry’s renewed focus on cybersecurity.
On May 31, a top crypto exchange’s security team revealed new insights into the Lazarus Group, a North Korea-backed hacking unit. Investigators uncovered operational vulnerabilities, including exposed IP addresses and database trails.
These findings may assist in preventing future attacks and signal a broader shift toward proactive security strategies.
Conclusion
While May showed a significant improvement in curbing crypto hacks, the $244.1 million in losses still reflects a pressing need for stronger defense mechanisms across DeFi and centralized platforms alike. The success in freezing stolen assets also shows that collaboration between networks and security firms is becoming more effective.