2024

April

Flash

In April, the crypto community <a href="https://twitter.com/CertiKAlert/status/1785262226430926997?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">witnessed</a> 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.<h2 id="breakdown-of-april-s-crypto-losses">Breakdown Of April’s Crypto Losses</h2>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.This figure signifies a 141% decrease from March’s total losses, emphasizing a notable downtrend in the frequency and <a href="https://bitcoinist.com/chain-of-exploits-investigator-unveils-connection-between-multiple-crypto-hacks/" rel="noopener noreferrer nofollow">severity of these incidents</a>. CertiK’s detailed breakdown sheds light on the specific areas of vulnerability within the crypto landscape.Approximately $4.3 million was attributed to <a href="https://bitcoinist.com/crypto-losses-from-scams-drop-in-h1-2023/" rel="noopener noreferrer nofollow">exit scams</a>, 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, <a href="https://bitcoinist.com/surge-in-north-korean-crypto-attacks-hacks-2023/" rel="noopener noreferrer nofollow">stemmed</a> 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.<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/CertiKStatsAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CertiKStatsAlert</a><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley">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 MarchExit scams: ~$4.3m Flash loans: ~$129k Exploits: ~$21mMore details below <a href="https://t.co/zfSh8mabzJ" rel="noopener noreferrer nofollow">pic.twitter.com/zfSh8mabzJ</a>— CertiK <a href="https://twitter.com/CertiKAlert/status/1785262226430926997?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 30, 2024</a></blockquote><h2 id="february-s-major-exploits">February’s Major Exploits</h2>Meanwhile, historically comparing, <a href="https://bitcoinist.com/crypto-scams-persist-exit-scams-hacks-cost-crypto-sector-160-million-in-february/" rel="noopener noreferrer nofollow">CertiK pointed out that February witnessed a spike in losses</a>, 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.<img class="size-medium" src="https://www.tradingview.com/x/OCoTZQjU/" alt="The global crypto market cap value on TradingView" width="2770" height="1496">PeckShield, a firm specializing in blockchain security, <a href="https://twitter.com/PeckShieldAlert/status/1763551699015491666?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">corroborated</a> the disturbing trend, noting a <a href="https://bitcoinist.com/crypto-hacks-value-saw-97-in-february-investigator/" rel="noopener noreferrer nofollow">97.6% month-over-month increase in the total value of crypto stolen</a> 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.<blockquote class="twitter-tweet"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> 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 <a href="https://t.co/MCykceNun5" rel="noopener noreferrer nofollow">pic.twitter.com/MCykceNun5</a>— PeckShield <a href="https://twitter.com/PeckShieldAlert/status/1763551699015491666?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 1, 2024</a></blockquote>Featured image from Unsplash, Chart from TradingView

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

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