Crypto Hacks and Scams Hit Record Lows in April: Report
In April, a report from Certik revealed record-low losses from crypto hacks and scams, amounting to only $25.7 million, the lowest since CertiK began tracking such data in 2021.
The report highlighted a 141% decrease in losses compared to the previous month, largely attributed to a decrease in private key compromises. While March witnessed 11 attacks due to private key compromises, April saw only three.
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: ~$21mMore details below pic.twitter.com/zfSh8mabzJ
— CertiK Alert (@CertiKAlert) April 30, 2024
Despite the overall positive trend, notable incidents still occurred during the month, resulting in losses ranging from hundreds of thousands to millions of dollars.
For instance, the Memecoin Condom scam on the Solana network led to approximately $933,000 in losses, while Bitcoin Lightning Network exchange FixedFloat suffered a $3 million hack, marking its second attack in 2024.
Out of the total $25.7 million in losses, exploits accounted for $21 million, with three breaches each resulting in over $1 million in damages.
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Flash loan attacks caused $129,000 in losses, the lowest since February 2022, and there were 13 exit scams, reflecting a 40% decrease from March.
It’s worth noting that the figures exclude ZKasino, a project embroiled in controversy but not yet labeled a scam by CertiK.
However, CertiK stated its readiness to update the figures if ZKasino’s nefarious activities are confirmed. Yield Protocol, which had officially shut down, fell victim to an exploit just after CertiK’s report, resulting in $181,000 in losses, demonstrating the ongoing challenges in the crypto space.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
