# Crypto scams cost $68.3 million in May 2026

**Published:** 2026-06-18T11:55:18.667Z  
**Topic:** Crypto Scam  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/5e5d9a0d-d89a-4d2f-a52d-16810a698059

Crypto scams lost $68.3 million across 60 incidents in May 2026, per CertiK. See the breakdown by attack type and what to watch next.

The crypto industry lost $68.3 million to exploits and scams in May 2026, marking the third month this year with sub‑$100 million losses but still the highest incident count of the year at 60 separate attacks【2】.  

| At a glance | |
|---|---|
| Losses (May 2026) | $68.3 million |
| Incidents (May 2026) | 60 |
| Biggest loss per attack | $11.52 million (Verus) |
| Primary loss category | Code vulnerabilities ($45.13 million) |

## What drove the May losses  
The CertiK monthly report attributes the bulk of the $68.3 million loss to smart‑contract code flaws, which alone accounted for $45.13 million (about 66 % of the total)【2】. The two largest single‑attack losses were the Verus breach ($11.52 million) and a Thorchain exploit ($10.12 million), together representing roughly one‑third of the month’s total loss【2】. Phishing contributed $2.6 million, the second‑lowest phishing figure of 2026, down from a $331.3 million peak in January【2】.

## Context and recovery rate  
May’s loss figure is far below April’s $547.3 million spike and below the $97 million recorded in January, showing a downward trend after the April peak【2】. However, the recovery rate remains modest: only $9.38 million—about 13.7 % of the gross loss—was returned to victims during the month【2】. The report also notes that bridge exploits ($28.62 million) and DeFi protocol incidents ($23.92 million) were the top categories by dollar amount, underscoring the continued vulnerability of cross‑chain bridges and decentralized finance platforms【2】.

## Token and incident breakdown  
The top five loss incidents (Verus, Thorchain, TrustedVolumes, Victim 0x2cFED, and Gravity Bridge) together accounted for $39.55 million, nearly half of the total loss amount【2】. Smaller attacks on projects such as Stablr, New Market Trading, TAC, Ossie, and Haveno/RetoSwap each ranged between $2.70 million and $3.50 million, illustrating a broad distribution of exploit sizes across the ecosystem【2】.

## What to watch  
- **Bridge activity** – Monitor large‑scale bridge exploits, especially on Thorchain and Gravity Bridge, as they have repeatedly generated multi‑million‑dollar losses.  
- **DeFi protocol audits** – Watch for upcoming security audits of high‑value DeFi contracts, given that DeFi incidents accounted for $23.92 million in May.  
- **Recovery efforts** – Track the proportion of funds returned in future months; a rise above the current 13.7 % recovery rate could signal improved law‑enforcement or industry response.  

The May numbers highlight that while total dollar losses have receded from the April surge, the frequency of attacks remains at a yearly high, and code vulnerabilities continue to dominate the threat landscape. Whether improved security practices can curb both the incident count and the dollar impact remains an open question.

## Sources
1. Forbes — ['We've All Been Lied To'—Crypto's $49 Trillion Retirement Bet](https://www.forbes.com/sites/boazsobrado/2026/06/02/weve-all-been-lied-to-cryptos-49-trillion-retirement-bet/)
2. cryptopolitan — [Crypto industry loses $68.3M to scams in May: Report](https://www.cryptopolitan.com/crypto-industry-loses-68-3m-to-exploits-may/)

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Cite as: TrendWatcher, "Crypto scams cost $68.3 million in May 2026", https://www.trendwatcher.in/article/5e5d9a0d-d89a-4d2f-a52d-16810a698059