Cryptocurrency Scams Decline Significantly in May 2025

TLDR

• Scams totaled $244.1 million, down 39.29% from April.
• 20 major hacks occurred, impacting various cryptocurrencies.
• Cetus DEX hack involved $223 million, with $157 million frozen.

PeckShield, a leading blockchain security firm, has reported a significant decline in cryptocurrency scams for May 2025. The total stolen amounted to approximately $244.1 million, a 39.29% decrease from the previous month’s figures. This decrease is attributed to improved security measures in the crypto industry.

During May, about 20 major hacks occurred, impacting various cryptocurrencies such as the Sui Network tokens and Wrapped Staked Ether. PeckShield has been a vital source for reporting these incidents and facilitating immediate response and mitigation efforts.

Analysis of May 2025 Crypto Hacks

The largest attack in May was on Cetus DEX on the Sui Network. Out of $223 million stolen in this incident, $157 million were frozen, showcasing improved real-time incident management. Other significant hacks included the Cork Protocol, losing funds primarily in Wrapped Staked Ether, and smaller incidents involving tokens such as MBU.

The impact on total value locked (TVL) and liquidity, although not specified, typically includes short-term outflows and operational pauses. This pattern aligns with responses seen in previous major hacks, such as those of Ronin Bridge and Wormhole.

Ongoing Industry Response and Security Measures

While no specific grants or new institutional investments have been announced following the May hacks, the freezing of funds indicates a stronger protocol response. This suggests that associated institutional partners may be enhancing their security frameworks.

Cryptocurrencies affected include major assets such as ETH and SUI, as well as other DeFi tokens. The industry continues to develop strategies to mitigate these recurring threats, improving both technology and collaborative efforts across platforms.

Regulatory and Community Engagement

There have been no direct responses from global financial regulators concerning the May incidents. However, the consistent trend of fund recoveries and increased incident management may influence future regulatory developments.

No significant statements from industry key opinion leaders or major development discussions are currently available. Community platforms like Discord and Telegram have likely seen increased discussion, although no notable initiatives or changes have been reported.