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April Marks A Record Low In Crypto Hacks And Scams

April Marks A Record Low In Crypto Hacks And Scams: A Sign Of Strengthening Security?

Samuel Edyme
by Samuel Edyme
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In April, the crypto community witnessed a historic downturn in financial losses due to fewer hacks and scams. According to blockchain security firm CertiK, the total damages of these types of crypto attacks dipped to a record low in April.

Breakdown Of April’s Crypto Losses

CertiK’s latest data reveals a substantial decline in the total value lost to “crypto-related criminal activities.” In a recent post on X, the firm reported approximately $25.7 million in combined losses through the month—marking this as the lowest monthly total losses from hacks and scams observed since 2021.

Related Reading: Chain Of Exploits? Investigator Unveils Connection Between Multiple Crypto Hacks

This figure signifies a 141% decrease from March’s total losses, emphasizing a notable downtrend in the frequency and severity of these incidents. CertiK’s detailed breakdown sheds light on the specific areas of vulnerability within the crypto landscape.

Approximately $4.3 million was attributed to exit scams, where project developers abscond with investor funds. Flash loan attacks, although less significant, accounted for about $129,000 in losses.

However, the majority of the financial damage, totaling $21 million, stemmed from various exploits. This data highlights the types of risks prevalent in the market and underscores the ongoing need for enhanced security measures and investor vigilance in these crypto areas.

#CertiKStatsAlert 🚨

Combining all the incidents in April we’ve confirmed ~$25.7m lost to exploits, hacks and scams.

The lowest figure we’ve recorded, dating back to 2021.

A 141% decrease from March

Exit scams: ~$4.3m
Flash loans: ~$129k
Exploits: ~$21m

More details below pic.twitter.com/zfSh8mabzJ

— CertiK Alert (@CertiKAlert) April 30, 2024

February’s Major Exploits

Meanwhile, historically comparing, CertiK pointed out that February witnessed a spike in losses, with over $160 million reported—primarily driven by major exploits like the one on the South Korean blockchain game platform PlayDapp, which alone suffered a $32.35 million blow due to a smart contract vulnerability.

Additional significant losses were recorded on platforms such as Fixed Float, Jihoz.Run and DuelBits, with damages amounting to $26 million, $9.7 million, and $4.66 million, respectively.

Furthermore, Certik highlighted that investors faced substantial losses of $58.2 million due to exit scams in February, instances where crypto project developers abscond with substantial investor funds.

The global crypto market cap value on TradingView
The global digital currency market cap value on the 1-day chart. Source: Crypto TOTAL Market Cap on TradingView.com

PeckShield, a firm specializing in blockchain security, corroborated the disturbing trend, noting a 97.6% month-over-month increase in the total value of crypto stolen in February.

Related Reading: Crypto Scams Persist: Exit Scams, Hacks Cost Crypto Sector $160 Million In February

Particularly, in a detailed post on X, PeckShield reported that February witnessed an alarming $360.83 million stolen in various crypto heists, marking a significant escalation from January’s theft of $182.54 million, which itself represented a 96.7% surge in stolen funds compared to the previous month.

#PeckShieldAlert Hackers stole ~$360.83m across over 21 attacks in February 2024, marking a MoM increase of 97.6% compared to January 2024. Additionally, ~1.8% of the stolen funds have been returned, totaling ~$6.7 million pic.twitter.com/MCykceNun5

— PeckShieldAlert (@PeckShieldAlert) March 1, 2024

Featured image from Unsplash, Chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Samuel Edyme

Samuel Edyme

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Edyme is a writer, a content writer that specialises in writing about the crypto realm. Asides Bitcoinist and NewsBTC, Edyme's writing has been featured in top sites such as Blockchain.News, CoinMonk, Blockchain Reporter, Bitcoin Insider among others.

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