📰 Table Of Contents
Overview
As April concludes, the cryptocurrency industry experienced a major downturn in combined losses from hacks and scams, reaching the lowest recorded figure, as highlighted by security firm CertiK.
Key Findings
- Combining all the incidents in April, approximately $25.7 million was lost to exploits, hacks, and scams.
- This marks the lowest figure recorded since CertiK began tracking such incidents in 2021.
- April’s total losses represented a 141% decrease from the previous month.
Breakdown of Losses
- Exploits accounted for approximately $21 million in losses, with only three breaches exceeding $1 million in damages.
- Flash loan attacks resulted in $129,000 in losses, with the largest incident causing $55,000 in damages.
- Exit scams led to losses of $4.3 million.
Major Incidents
Among the bigger incidents, the attack on the FixedFloat project stood out as the most prominent. Exit scams ranked as the second most financially damaging exploit, with losses totaling $4.3 million.
Recent Developments
Shortly after the issuance of CertiK’s report, the decentralized finance app Yield Protocol fell victim to an exploit, resulting in $181,000 in losses.
Challenges in Security
Recent crypto scams and hacks highlight ongoing challenges in security within the cryptocurrency industry. Despite a decrease in incidents, substantial losses continue to occur.
Industry Trends
Data from DefiLlama revealed that as of April 1, total losses from cryptocurrency hacks surpassed $7.7 billion, despite a 23% decline in incidents during the first quarter of 2024 compared to the previous year.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
