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Losses from crypto rug pulls outpaced DeFi exploits in May: Finance Redefined

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Rugpulls became the biggest source for fund exploitation in DeFi, outpacing other exploits in May.

decentralized finance May was a month filled with exit scams in the DeFi world, with over $45 million lost to exit scams, while exploits on DeFi protocols racked up less than half that amount over the same period.

Jimbos Protocol has offered an $800,000 bounty to the public as talks with the hacker failed. The protocol’s team extended the bounty offer to the public, inviting anyone who could help catch the exploiter or recover the funds to claim the reward. The Fantom network has started paying developers to generate gas fees, and another popular DeFi protocol, PancakeSwap, has entered the GameFi space.

 

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