May was a turbulent month for the cryptocurrency market. We witnessed a wave of scams and hacking incidents that resulted in cumulative losses of over $54 million, a DeDotFi report shows. Good news? It's only half of April's $101.5 million loss.
The amount is a nearly half of April's $101.5 million loss, suggesting better security practices among users and developers. However, no funds were recovered in May 2023 – compared to $2.2 million recovered in April.
Other notable cases included Tornado Cash, Mother, WSB Coin, Linda Yaccarino, Block Forest, SNOOKER, and land, with losses ranging from $145,000 to $733,000. A “rug pull” is a colloquial term for a type of crypto scam that typically see the developer, or developers, gain legitimacy on social media, hype up a project and raise a significant sum of money only to drain liquidity after that project’s tokens are first offered to the public.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Losses from crypto rug pulls outpaced DeFi exploits in May: Finance RedefinedTen attacks on DeFi protocols netted $19.7 million in May — an almost 80% decrease from April — with losses from these exploits declining for two consecutive months.
Read more »
See all homes sold in these New Jersey counties, May 22 to May 29Real estate transfers in New Jersey counties reported from May 22 to May 29.
Read more »
Shiba Inu (SHIB) Announcement Made by Crypto Exchange Kraken: DetailsShiba Inu (SHIB) new announcement made by Kraken after futures listing SHIB SHIBCommunity ShibArmy $SHIB
Read more »
Electric Capital appoints two new general partnersCrypto venture investment firm Electric Capital appointed two new partners to the roles of general partner.
Read more »
Seamless Spending With Binance Card: Bridge the Worlds of Crypto and Fiat | Binance BlogBinance Card makes spending your crypto easy. With up to 8% BNB cashback every time you spend, the rewards are pretty good too. Learn all about it and where it’s available here ⤵️
Read more »