BTC PULSE
No Result
View All Result
Play Now
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

Crypto Rug Pulls Eclipse DeFi Exploits: Over $45M Lost in May

by Dan K
Jun 2, 2023 - 4:00 pm
in Blockchain
Graph depicting the sudden drop in SAFEREUM token price following developers' massive sell-off.

Rug Pull Losses Surpass DeFi Exploits in May

The amount of cryptocurrency lost to “rug pull” or “exit scams” — where founders suddenly disappear with investors’ money — has exceeded the amount stolen from decentralized finance (DeFi) projects in May, according to a report from blockchain security firm Beosin.

Beosin Report Reveals Shocking Numbers

The report, published on June 1, indicated that losses from rug pulls and scams in May reached over $45 million across six incidents. In contrast, there were 10 attacks on decentralized finance (DeFi) protocols, resulting in losses of only $19.7 million.

Decrease in DeFi Exploits

This figure represents a nearly 80% decrease from April, with losses from DeFi exploits having been on a downward trend for two months.

The Largest Rug Pull

The most significant rug pull incident was the alleged $32 million heist by crypto project Fintoch on May 24. The largest attack on a DeFi platform was the $7.5 million exploit of Jimbos protocol.

Cybercriminals Shift Targets

“Hackers and scammers are gradually shifting the target of their attacks from various project parties to ordinary users,” Beosin wrote in its report.

Recommendations for Crypto Users

The report urged crypto users to “raise their anti-fraud awareness,” conduct due diligence before investing in a project, and learn how to better safeguard their crypto. It also advised against using shared or public charging devices, which could be manipulated to introduce harmful programs capable of compromising private keys.

Warning from US FBI

The United States Federal Bureau of Investigation (FBI) echoed this warning in April, urging the public to avoid using free charging stations typically found at airports and other public spaces. These USB ports have been exploited by cybercriminals to introduce malware and monitoring software onto devices.

Conclusion: The Changing Landscape of Crypto Scams

The blockchain landscape is changing, and so are the methods and targets of scams. This shift emphasizes the importance of remaining vigilant and being aware of the changing tactics of fraudsters. Crypto enthusiasts should heed the advice from Beosin and the FBI, enhancing their cybersecurity practices and being cautious where they invest their money and charge their devices. The rise of rug pull scams over DeFi exploits serves as a reminder that the crypto world, while full of opportunity, is also fraught with risks. As always, the golden rule applies: Do your research before investing.

Tags: DeFiScamSecurity
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Exterior view of the Czech National Bank building in Prague, symbolizing the institution’s financial strategies and innovation.

Bank of England Governor Says Stablecoins Could Reduce Reliance on Banks

October 1, 2025

Andrew Bailey says stablecoins could reduce UK reliance on commercial banks by separating money from credit, signaling a...

blockchain

Spacecoin Executes First Blockchain Transaction Through Space

October 1, 2025

Spacecoin has achieved the first-ever blockchain transaction through space using a nanosatellite, marking a milestone for decentralization and...

The headquarters of the Autorité des Marchés Financiers (AMF) Investor in Paris, France, the regulatory body warning investors against ByBit.

French Officials Pressured Telegram to Censor Moldova Election Posts: Durov

September 28, 2025

Pavel Durov revealed French intelligence pressured Telegram to censor Moldova election content in 2024, which he refused, citing...

Wall Street financial district with Bitcoin symbol representing institutional adoption

Bitcoin skepticism fades as nations gear up for adoption, says Samson Mow

September 28, 2025

Samson Mow predicts nation-states will move from skepticism to rapid Bitcoin adoption, fueling global FOMO and a rush...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • About Us
  • Advertise
  • BTC-PULSE
  • Contact Us
  • Events
  • Privacy Policy
  • Sitemap
  • Terms of Service