In May 2025, crypto scammers stole approximately $244.1 million, marking a 40% decline in losses compared to the previous month, according to blockchain security firm PeckShield. The month saw around 20 major crypto hacks, with the largest incident involving the Cetus decentralized exchange (DEX), which suffered $223 million in losses. Despite this significant theft, Cetus and its partners managed to freeze about $157 million of the stolen assets.
Additional hacks affected projects such as the Cork Protocol and the MapleStory Universe, involving assets including Wrapped Staked Ether (wstETH) and Ethereum (ETH). The decrease in hack-related losses suggests potential improvements in crypto security measures, as industry experts observe a trend toward stronger defenses against cyberattacks.
U.S. Attorney Jenine Pirro highlighted that scammers often target victims via misleading texts, dating apps, and fake investment platforms, with institutions like the FBI actively monitoring these crimes. Historical trends have shown fluctuations in scam activities, but the recent reduction in losses may indicate enhanced protocols and effective regulatory efforts, such as initiatives by the IC3 National Center, aimed at combating cybercrime in the crypto space.
This progress in security standards could foster greater market confidence and reduce vulnerability to future attacks, positively influencing the overall crypto ecosystem.