The losses of Crypto Rug Pull exceeded the Defi Exploits in May: Report
The losses of Crypto Rug Pull exceeded the Defi Exploits in May: Report
A new report by the blockchain security company Beosin showed that the total amount of crypto-assets lost due to exit scams and rug pulls was higher than the amount that was stolen last month by exploits and attacks from decentralized financial projects (Defi).
beosin also found that the losses due to the exploits in May decreased by 79 % compared to April, which indicates a continued decline in two consecutive months.
losses from rug pulls exceed defi-exploits
In May, six $ 45 million incidents were lost due to crypto carpet breakdowns. The biggest exit fraud was that of the Defi credit protocol Fintoch-probably a snowball system-that disappeared on May 24th with $ 31.6 million in user money.
The second largest theft was the theft of around $ 5.9 million by Inferno Drainer, a multi-chain fraud service provider that concerned around 5,000 victims. Another remarkable raid was carried out on May 19 by the developers of the decentralized stock exchange (Dex) Swaprum. The team withdrawn ether (Eth) token worth $ 3 million from the Protocol's liquidity pools.
On the other hand, the defi exploits amounted to stolen crypto-assets worth $ 19.6 million. The biggest exploit was the attack on Arbitrum's liquidity protocol Jimbos, in which over 4,000 ETH worth around $ 7.5 million was compromised. The crypto mixer Tornado Cash based on Ethereum was also hacked for about $ 2 million.The Defi Protocol Deus Finance, which was victim of numerous attacks, was again chopped by a public burning area on his Stablecoin Dei (Dei) on May 5. The attacker used the DEI token contracts on the BNB Smart from Chain (BSC) and the Arbitrum network and captured more than $ 6 million.
awareness of fraud control
The blockchain security company also found that the security incidents in connection with hardware wallets increase in May. Beosin warned of a new type of coin theft using shared or public chargers to give in to malice programs that could steal private keys.
"The sum that was at RUG Pulls exceeded that of the attacks this month, and new ways of stealing coins were also created, such as the use of shared batteries to steal private keys." Hackers and fraudsters gradually shift the goal of their attacks from various project parties to normal users, ”said Beosin.
The company asked users to raise awareness of fraud control, to learn various methods to protect their assets and to carefully check projects before investing in them. The biggest exit fraud in May was carried out by Fintoch, which captured user funds worth $ 31.6 million.
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