A recent report from crypto security firm CertiK reveals that crypto-related losses from hacks and scams plummeted to a record low in April 2024. The stats reveal a significant decrease in malicious activities compared to previous months.
Breakdown of Crypto Losses in April
According to Certik, the total loss of approximately $25.7 million due to exploits, hacks, and scams in April, represents the lowest figure dating back three years, that is, in 2021.
The data also shows that April’s total loss of $25.7 million marks a 141% decrease from March figures. This reflects an encouraging trend for the crypto community as it seems to suggest that efforts to improve security and prevent fraudulent activities may be bearing fruit.
A detailed breakdown of the Certik report reveals the types of incidents contributing to April’s crypto losses. Exit scams where founders or project teams abscond with investor’s fund, accounted for approximately $4.3 million.
#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: ~$21mMore details below pic.twitter.com/zfSh8mabzJ
— CertiK Alert (@CertiKAlert) April 30, 2024
On the other hand, Flash Loans recorded a relatively low amount, totaling around $129,000. In this form of scam, attackers manipulate smart contracts through quick loans to exploit vulnerabilities.
Exploits was responsible for the majority of the losses with approximately $21 million lost. These included various forms of hacking such as attacks on decentralized finance (DeFi) protocols and other smart contract-based systems.
Security Warnings and Impact of Hacking
CertiK also issued a warning regarding ZKasino on its Skynet profile, indicating potential risks associated with the platform. Overall, the record low in crypto losses from hacks and scams in April is a positive sign for the crypto industry.
According to a Reuters report, in 2023, hackers of cryptocurrency platforms stole around $1.7 billion. Cyber-attacks are a constant challenge for the crypto community and a contributing factor to non-favorable disposition by regulators.
In line with related exploits, BGEcrypto reported how hackers infiltrated and leaked the personal information of about 5.1 million Chivo Wallet users. The wallet, designed by the Central American nation El Salvador, is part of its BTC adoption strategy.
