Losses from rug pull in May more than doubled the losses from exploits in DeFi protocols and amounted to more than $45 million. Beosin researchers said.
?Rug Pull Outpaces Attacks: The total amount involved in #rugpull reached $45.02 million, surpassing losses from attacks
2/5
— Beosin ? Blockchain Security (@Beosin_com) June 1, 2023
During the month, six incidents of token price manipulation followed by sharp withdrawals occurred.
Meanwhile, 10 attacks on decentralized protocols brought attackers $19.7 million. This amount is almost 80% less than in April, and overall such attacks tend to decline, researchers noted.
The largest rug-pull incident was the alleged exit scam by the DeFi project team Fintoch on May 24, in which clients lost assets worth $31.6 million.
The greatest damage from exploiting the Jimbos platform bug was $7.5 million.
Beosin’s team advised users to raise awareness of fraudulent schemes and to conduct thorough due diligence on cryptocurrency projects before investing.
According to CertiK’s analysts, in April cryptocurrency projects lost $103.7 million due to exploits, hacks and exit scams.