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<p>The second quarter of the year did not start well for crypto investors, as CertiK <a href="https://bitcoinist.com/crypto-theft-over-103m-stolen-in-april/" target="_blank" rel="noopener">reports</a> that over $103.6 million was stolen by crypto scammers in April. </p>



<p>Over the years, the crypto industry has been in a constant standoff with attacks from scammers. In the first quarter of the year, cybercriminals acquired $452 million, DeFi Security reported.</p>



<p>Though considered a positive stat compared to the $1.3 billion recorded in the first quarter of 2022, the battle is far from being won. CertiK’s latest report proves that much is needed to protect the industry from scammers. </p>



<p>As the industry explores ways to stop this rampage, experts warn sternly that acting with caution and vigilance is important when interacting with the crypto ecosystem. </p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CertiKSkynetAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#CertiKSkynetAlert</a> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;" /><br><br>Combining all the incidents in April we’ve confirmed ~$103.6M lost to exploits, hacks, and scams.<br><br>Exit scams were ~$9.3M.<br><br>Flash loans were ~$19.8M.<br><br>See the details below <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;" /> <a href="https://t.co/jflvMPiJGQ" target="_blank">pic.twitter.com/jflvMPiJGQ</a></p>&mdash; CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1652625412948729861?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">April 30, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Reports claim that the primary victims of this crime are investors who can provide thousands of dollars effortlessly. While it is impossible to steal thousands of dollars from a traditional financial institution without being caught, such theft is possible within the cryptocurrency ecosystem due to the peculiarities of the space, one of which is the anonymity of transactions.</p>



<figure class="wp-block-image size-full"><img width="800" height="400" src="https://technext24.com/wp-content/uploads/2022/05/hackers3.png" alt="Crypto investors lose over $103 million to thefts in April " class="wp-image-143997"/><figcaption>crypto scammer</figcaption></figure>



<p>Due to the anonymity of transactions, tracing stolen funds is difficult and almost impossible. The result of these scourging happenings, together with the market&#8217;s worrisome volatility, is investors&#8217; lack of interest in the space. As reported by CertiK, the two most common types of scams used to extract the most funds are exit scams and flash loans.</p>



<p><strong>Read Also:</strong> <a href="https://technext24.com/2023/04/28/court-fines-sa-ceo-3-4bn-bitcoin/">US court fines South African CEO, Cornelius Steynberg $3.4bn for Bitcoin fraud</a></p>



<h5 id="exit-scams"><strong>Exit Scams</strong></h5>



<p>Exit scams involve convincing-looking firms that continue to accept payments for whatever product or service they are selling while abandoning previously accepted orders or requests. Exit scams, often known as &#8216;confidence tricks,&#8217; were used to steal $9.3 million from the crypto sector in April 2023.</p>



<h5 id="flash-loans"><strong>Flash Loans</strong></h5>



<p>On the other hand, Flash loans contributed more to the scammers and hackers in these instances of theft. According to CertiK, cybercriminals stole $19.8 million by promoting unlimited borrowing of uncollateralized loans. In this manner, lenders who require fast loans borrow and repay funds in the same transaction, depleting the victims&#8217; accounts.</p>



<p>The April 3rd exploit of several trading bots resulted in a $25.4 million loss. Later, $22 million was lost in the Bitrue hot wallet plunder, and $13 million was stolen from South Korea&#8217;s GDAC exchange.</p>



<figure class="wp-block-image size-large"><img width="1024" height="512" src="https://technext24.com/wp-content/uploads/2018/05/HACKERS-1024x512.jpg" alt="Crypto investors lose over $103 million to thefts in April " class="wp-image-6392" srcset="https://technext24.com/wp-content/uploads/2018/05/HACKERS-1024x512.jpg 1024w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-300x150.jpg 300w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-768x384.jpg 768w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-640x320.jpg 640w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-380x190.jpg 380w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-550x275.jpg 550w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-800x400.jpg 800w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-1160x580.jpg 1160w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-760x380.jpg 760w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-1100x550.jpg 1100w, https://technext24.com/wp-content/uploads/2018/05/HACKERS-600x300.jpg 600w, https://technext24.com/wp-content/uploads/2018/05/HACKERS.jpg 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h5 id="some-of-the-top-crypto-thefts-of-april-2023">Some of the top<strong> Crypto </strong>thefts of April 2023</h5>



<p>Some KuCoin exchange users collectively lost over $22,000 after the exchange&#8217;s Twitter account was briefly hacked on April 24.</p>



<p>Criminal activity by cryptocurrency scammers has also increased in India. After hacking News24&#8217;s Twitter account in March, hackers promoted a phony Ripple (XRP) stablecoin airdrop event in India. These messages also displayed fraudulent links for unaware individuals to click on, potentially exposing them to financial hazards.</p>



<figure class="wp-block-image size-full"><img width="900" height="581" src="https://technext24.com/wp-content/uploads/2018/05/Computer-hacker.jpg" alt="Euler Finance loses $197m in 2023's biggest hack" class="wp-image-6578" srcset="https://technext24.com/wp-content/uploads/2018/05/Computer-hacker.jpg 900w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-300x194.jpg 300w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-768x496.jpg 768w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-640x413.jpg 640w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-380x245.jpg 380w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-550x355.jpg 550w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-800x516.jpg 800w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-760x491.jpg 760w, https://technext24.com/wp-content/uploads/2018/05/Computer-hacker-600x387.jpg 600w" sizes="(max-width: 900px) 100vw, 900px" /><figcaption>Crypto Scammer</figcaption></figure>



<p>Because of the global growth of cryptocurrencies, the perpetration of all scams has become a global issue. Cybercriminals have used a variety of strategies, and the anonymity of blockchain technology allows many crooks to get away with such scams. These cybercriminals have focused on the sector, mostly due to its unregulated nature.</p>



<p>It is critical to take preventative measures to avoid becoming a victim of a cryptocurrency scam. As the ecosystem grows in size and complexity, it will probably remain a prime target for scammers. Traders and investors will be able to recognize frauds early and avoid falling victim if they grasp the main methods scammers use to steal information and, eventually, money.</p>



<p><strong>Read Also:</strong> <a href="https://technext24.com/2023/05/01/3-cryptos-to-consider-may-investment/">Want to invest in May? Here are 3 cryptocurrencies to consider</a></p>

Crypto investors lose over $103 million to thefts in April

Technext.ng

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