Losses from crypto rug pulls outpaced DeFi exploits in May: Beosin
Over $45 million was lost to exit scams in May while exploits on DeFi protocols racked up less than half that amount over the same period.
The amount of cryptocurrency lost to "rug pull" or "exit scams" — where founders suddenly up and leave with investors’ money — had outpaced the amount stolen from decentralized finance (DeFi) projects in May, a blockchain security firm has revealed.
A June 1 report from Beosin said in May total losses from rug pulls and scams reached over $45 million across six incidents.
Meanwhile, there were 10 attacks on decentralized finance (DeFi) protocols that netted only $19.7 million. The amount is a nearly 80% decrease from April and losses from these types of exploits had been on the decline for two months, it added.
Rug Pull Outpaces Attacks: The total amount involved in #rugpull reached $45.02 million, surpassing losses from attacks
— Beosin Blockchain Security (@Beosin_com) June 1, 2023
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The largest of such rug pulls was the $32 million that crypto project Fintoch is alleged to have made off with on May 24. The $7.5 million attack on the DeFi platform Jimbos protocol was the largest attack last month according to Beosin.
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