Yigit Taha OZTURK 
According to blockchain security firm PeckShield, around $244.1 million was lost in 20 major crypto hacks during May 2025 — a 39% drop compared to April. However, the decline doesn’t paint a full picture, as one attack alone accounted for nearly $223 million in damages.
The biggest blow came on May 22, when Cetus, a decentralized exchange, was compromised. Hackers exploited a flaw in the “most significant bits” (MSB) check, manipulating liquidity parameters and creating disproportionately large positions, according to cybersecurity firm Dedaub.
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In a partial win for the ecosystem, Cetus and the Sui Network managed to freeze $157 million, representing about 71% of the stolen assets.
DeFi Platforms Remain Under Siege
The second-largest incident in May targeted the Cork Protocol, resulting in a $12 million loss. Attackers stole approximately 3,761 Wrapped Staked Ether (wstETH) and quickly converted it to ETH.
Other major breaches included:
- A suspected North Korea-linked $5.2 million hack
- An MBU token exploit worth $2.2 million
- A MapleStory Universe vulnerability that led to a $1.2 million loss
Amid growing pressure, the crypto industry is boosting its defense posture. On May 31, Cointelegraph reported that BitMEX’s security team identified operational gaps within the Lazarus Group, a state-sponsored North Korean hacker unit. The counter-operation exposed key infrastructure elements like IP addresses, databases, and tracking algorithms.
Despite the dip in May, earlier months were worse. In Q1 2025 alone, hackers stole over $1.63 billion, with Bybit’s February breach accounting for $1.53 billion — one of the most severe crypto thefts in history.
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