- May crypto hacks fell 39%, totaling $244M.
- Cetus hack alone caused $223M in losses.
- 71% of stolen funds frozen; Lazarus Group exposed.
PeckShield reports that the crypto industry suffered from 20 hacks in May 2025, and total losses added up to $244.1 million. There was a 39.29% drop in losses from April, which demonstrates fewer cybercrimes and better defenses as firms fight to stop cyberattacks.
Nearly all of May’s losses happened on May 22, when the Cetus platform fell prey to a major security breach. Dedaub has found that hackers manipulated the way the checking process in the most significant bits (MSB) works to manipulate liquidity on the platform and establish vast positions. Because of the breach, user funds totaling $223 million were stolen in just one day and accounted for more than 90% of the month’s thefts.
Thanks to Cetus and the Sui Network, who took action, almost 71% of the stolen tokens were frozen which largely protected the defi platform.
Cork Protocol Exploit Led to $12M Theft
The next biggest incident in May was a $12 million exploit that happened on the Cork Protocol. According to Cyvers, the attacker removed around 3,761 Wrapped Staked Ether (wstETH) and then converted the digital funds into Ether.
Suspected North Korean hackers caused $5.2 million in losses, someone exploited MBU tokens for $2.2 million and MapleStory Universe became a target for a $1.2 million hack during the month.
Such events are unfolding as the industry intensifies its efforts to defend against cyberattacks. On May 31, BitMEX’s security specialists uncovered vulnerabilities within the Lazarus Group, a North Korean state-backed cyber organization. A counter-operations investigation revealed the group’s IP addresses, internal databases, and tracking methods used to monitor users.
Crypto Industry Still Faces Evolving Threats
Although May’s losses went down, the first quarter of 2025 saw an enormous amount of $1.63 billion in crypto taken from users. According to PeckShield, the main reason for Q1 losses was a huge exploit involving Bybit which made it one of the biggest crypto heists ever. In January, the firm reported $87 million in losses which was followed by a huge leap to $1.53 billion in February, mainly due to the Bybit attack.
Despite progress in catching those who steal crypto, the crypto community is still challenged by increasingly complex cybercrime activities.
