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April

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The collective value of cryptocurrency compromised by hacking plummeted 67% in April to $60.2 million, marking a notable reduction in crypto attacks, representing the first significant decline in 2024.
The fall of 67% marks a sharp decline from the $187.6 million hacked in March, which pales in comparison to the $360.8 million worth of hacked digital assets in April, according to a May 1 X post by on-chain security firm Peckshield.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/5e4233a9-3070-487b-8d53-6b7d602ecf9b.png" alt="" title="">
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 Source: <a href="https://twitter.com/PeckShieldAlert/status/1785631890470572421/photo/1" target="_blank" rel="noopener nofollow">PeckShield</a>
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The monthly total of $60.2 million was stolen from 40 individual hacking incidents. Hacks and exploits have been among the main issues plaguing trust in cryptocurrencies along with mainstream adoption.
The <a href="https://cointelegraph.com/news/hedgey-protocol-44-million-exploit">$44.7 million hack on Hedgey Finance</a>, a token infrastructure platform, represented the largest incident in April. The hackers exploited a vulnerability in Hedgey’s token claim contract on the Arbitrum Network on April 19.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/7819da56-f8da-4984-a5a5-34a37ad56f8b.png" alt="" title="">
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 Source: PeckShield
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The second-largest hacking incident saw $3 million worth of crypto stolen from the Fixed Float crypto exchange due to a vulnerability with a third-party service provider used by the exchange, according to FixedFloat’s April 2 X <a href="https://twitter.com/FixedFloat/status/1775172224216875223" target="_blank" rel="noopener nofollow">post</a>.
The third-largest attack, on Grand Base, netted hackers $2.67 million worth of digital assets, while the fourth-largest <a href="https://cointelegraph.com/news/pike-finance-exploited-1-6-million-second-exploit-3-days">hack, on Pike Finance</a>, resulted in a loss of $1.6 million worth of funds.
Fueling investor concerns, the $1.6 million attack was the second hack suffered by Pike Finance within three days, after a $300,000 exploit on April 26.
The two attacks stemmed from the same smart contract vulnerability, which allowed the attacker to override the contract, <a href="https://twitter.com/PikeFinance/status/1785572875124330644" target="_blank" rel="noopener nofollow">according</a> to a May 1 X post by Pike Finance.
Related: <a href="https://cointelegraph.com/news/lazarus-group-laundered-200m-crypto-since-2020">Lazarus Group laundered over $200M in hacked crypto since 2020</a>
<h2 data-ct-non-breakable="true" id="crypto-hacks-down-over-25-year-to-date-compared-to-2023">Crypto hacks down over 25% year-to-date compared to 2023</h2>
The crypto space saw a total of over $401 million worth of hacks and rug pulls in 2024 year-to-date (YTD), which represents a 25.1% decrease compared to the same period last year, which saw over $536 million worth of hacked funds, <a href="https://assets.ctfassets.net/t3wqy70tc3bv/2FlKal41QbUO206gQAcNOr/43ccdf6d0aed156a5d22320d7ab702bb/Immunefi_Crypto_Losses_In_April_2024.pdf" target="_blank" rel="noopener nofollow">according</a> to a May 1 report by crypto bounty platform Immunefi.
According to Immunefi’s figures, $53 million was lost to hacks and fraud across 21 incidents in April, representing a 46% decrease from April 2023, when attackers stole over $98 million worth of digital assets.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/cf96eb5e-30b8-4e9d-8f3d-1b02402f52d7.png" alt="" title="">
 <figcaption style="text-align: center;">
 Hacks vs fraud cases, April. Source: Immunefi
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Hacks remained the main cause of losses, accounting for over 94.3% of the lost funds during the month.
Related: <a href="https://cointelegraph.com/news/eigenlayer-12-000-queued-withdrawals-how-far-tvl-fall">EigenLayer sees over 12,000 queued withdrawals — How far will TVL fall?</a>

Losses from crypto hacks plunge 67% in April to $60 million

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