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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As hacking incidents in the crypto space continue to mount, Penpie is the most recent victim, losing approximately $27 million in various staked Ethereum (ETH) assets during the attack.

The stolen assets include various types of Ethereum such as wstETH, agETH, and rswETH, as well as Ethena’s sUSDE and wrapped USDC.

Following the breach, Pendle issued a statement confirming that a security vulnerability had been identified within the Penpie protocol. The team assured that they are maintaining close communication with all parties involved and emphasized that investor funds within Pendle remain secure. As a precautionary measure, all contracts have been temporarily paused.

The impact of the hack was immediately felt, with Penpie (PNP) experiencing a sharp drop of up to 40% in its value. Pendle (PENDLE) was also affected, with its price falling by approximately 8.5% over the last 24 hours.

Hacker Moves Stolen Funds to Tornado Cash

Blockchain security firm PeckShieldAlert reported that the hacker responsible for the Penpie breach initially transferred 1,000 ETH, worth roughly $2.44 million, to Tornado Cash. Subsequently, an additional 1,900 ETH, valued at $4.5 million, was moved to the same platform.

In a final move, the attacker transferred another 1,000 ETH, approximately $2.4 million, to Tornado Cash. According to PeckShieldAlert, the hacker still holds an estimated 7.1K ETH.

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