Crypto Scammers Stole $244M in May, Losses Decline 40%

Crypto scammers reportedly stole approximately $244 million in May 2025, marking a reduction of 40% from the previous month, according to blockchain security firm PeckShield.

PeckShield’s report on reduced crypto losses highlights a potential increase in industry security standards, prompting positive market responses.

PeckShield reported $244.1 million stolen in May, with losses declining significantly. Approximately 20 major crypto hacks occurred during the month, impacting various crypto assets. This decrease is seen as a positive trend by industry experts.

The Cetus decentralized exchange hack was the most significant, involving about $223 million in losses. Despite this, security improvements are noted, with approximately $157 million frozen by Cetus and collaborative partners. Other notable incidents include hacks involving the Cork Protocol and MapleStory Universe.

The theft of assets like Wrapped Staked Ether (wstETH) and Ethereum (ETH) affected the crypto market. U.S. Attorney Jenine Pirro reported that scams involved fake investment platforms. She stated:

“Scammers typically target victims through seemingly misdirected texts, dating apps, and professional networking or investment groups.”

The FBI actively monitors and addresses these crimes.

This decline in losses may signal potential advancements in crypto security measures. Historical data indicates fluctuating scam activity, but security efforts could deter future attacks. Effective regulatory measures could further improve the security landscape, as highlighted by the IC3 National Center, which provides resources for reporting and addressing internet crimes.