The cryptocurrency industry saw a significant decline in the total value stolen through hacks in May 2025, according to data from blockchain security firm PeckShield. While 20 major hacks were recorded during the month, total losses amounted to around $244.1 million — a sharp 39.29% drop compared to April. The month’s total was heavily skewed by a single major incident involving the Cetus decentralized exchange , which accounted for roughly 90% of all stolen funds in May. The Cetus hack, which occurred on May 22, resulted in $223 million in losses within 24 hours, making it one of the most impactful exploits of the year so far. Hacks Highlight Ongoing Technical Vulnerabilities According to cybersecurity firm Dedaub, the Cetus exploit stemmed from a vulnerability in the most significant bits (MSB) check. This flaw allowed attackers to manipulate liquidity values, enabling them to establish disproportionately large positions with minimal effort. Despite the scale of the breach, there was a silver lining. PeckShield reported that $157 million of the stolen funds—about 71%—had already been frozen through joint efforts by the Cetus team and the Sui Network. These swift actions have been credited with limiting the long-term damage of the attack. The second-largest breach in May was a $12 million exploit targeting the Cork Protocol, where hackers stole around 3,761 Wrapped Staked Ether (wstETH) and swiftly converted it into Ether, according to the cybersecurity firm Cyvers. Other notable incidents included a suspected North Korean cyberattack that led to $5.2 million in losses, an MBU token exploit that cost $2.2 million, and a $1.2 million breach involving the MapleStory Universe. Industry Ramps Up Security Measures The drop in crypto theft during May comes amid a growing effort within the industry to counter sophisticated cybercriminals. BitMEX’s security team recently conducted a counter-operations probe against the Lazarus Group, a cybercrime organization reportedly linked to the North Korean government. The investigation exposed the group’s IP addresses, databases, and tracking tools. While May’s figures show progress, the overall trend in 2025 remains concerning. In Q1 alone, hackers stole more than $1.63 billion in digital assets, with February seeing a massive spike due to the Bybit exploit, which accounted for over 92% of losses that month. Still, the industry’s proactive response and increasing ability to recover stolen funds may signal a positive shift in the ongoing battle against crypto-related cybercrime. The post Crypto Hacks Drop 39% in May, but Cetus Exploit Dominates Losses appeared first on TheCoinrise.com .
