In May, the crypto industry lost over $45 million due to rug pull schemes


Losses from rug pull in May, they doubled the damage from exploits in DeFi protocols and amounted to more than $45 million, Beosin experts cited such data.

During the month, there were six incidents of pumping up the cost of tokens, followed by a sharp withdrawal of funds.

At the same time, 10 attacks on decentralized protocols brought $19.7 million to attackers. This amount is almost 80% less than in April, and in general, such attacks tend to decrease, the researchers specified.

The biggest rug pull incident was an alleged exit scam by the Fintoch DeFi project team on May 24, in which clients lost $31.6 million in assets.

The greatest damage from the exploitation of the Jimbos platform bug brought the attackers $7.5 million.

The Beosin team advised users to raise awareness of fraudulent schemes and to comprehensively study cryptocurrency projects before investing.

Recall, according to CertiK analysts, during April, cryptocurrency projects lost $103.7 million due to exploits, hacks, and exit scams.

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