As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and security threats. The recent news of record-low losses due to hacks and scams in April is indeed encouraging, but it’s essential to maintain a critical perspective.
As a researcher studying the crypto market, I observed an unprecedented decrease in financial losses for the community in April. Based on data from CertiK, a leading blockchain security firm, the overall damage caused by hacking and scam attacks reached a new low during this month.
Breakdown Of April’s Crypto Losses
As a crypto investor, I’m pleased to hear that according to CertiK’s latest findings, the total value lost to crypto-related criminal activities has decreased significantly. In their recent post on X, the firm reported approximately $25.7 million in combined losses for the month. This is an impressive figure since it represents the lowest monthly total losses from hacks and scams that we’ve seen since 2021.
The graph represents a substantial 141% reduction in losses compared to March’s figures, indicating a significant downward trend in the occurrence and intensity of such events in the crypto sector. Through an exhaustive analysis, CertiK has identified the particular weaknesses within the cryptocurrency domain that require attention.
Around $4.3 million is estimated to have been stolen through exit scams, a deceitful practice in which project heads make off with invested funds. The financial damage from flash loan assaults came up to approximately $129,000.
As a researcher studying the recent financial losses in the crypto market, I’ve discovered that approximately $21 million worth of damage resulted from various exploits. This data emphasizes the existing risks in this sector and emphasizes the importance of strengthening security measures and maintaining vigilance for investors in these digital currency areas.
#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
— CertiK Alert (@CertiKAlert) April 30, 2024
February’s Major Exploits
As a researcher examining historical data, I’ve noticed an intriguing trend: In February, there was a significant surge in losses, totaling over $160 million. This escalation can primarily be attributed to major exploits, with the most notable being the attack on the South Korean blockchain game platform, PlayDapp. Unfortunately, this incident resulted in a substantial loss of $32.35 million due to a vulnerability in their smart contract.
Significant losses totaling $40.36 million were incurred on various platforms including Fixed Float, Jihoz.Run, and DuelBits, with individual damages of $26 million, $9.7 million, and $4.66 million.
Additionally, Certik reported that investors suffered significant losses totaling $58.2 million in February as a result of exit scams. In these incidents, the creators of crypto projects vanished with large sums of investor money.
As a researcher studying trends in blockchain security, I’ve come across some alarming data from PeckShield, a leading firm in this field. In February alone, they reported a staggering 97.6% increase in the total value of cryptocurrency stolen compared to the previous month.
In their comprehensive analysis on X, PeckShield highlighted that an astounding $360.83 million was taken from crypto exchanges and platforms in February alone. This amount is a startling increase from the $182.54 million swiped in January, which represented a massive 96.7% jump in stolen funds compared to the preceding month.
In February 2024, hackers managed to steal approximately $360.83 million in over twenty-one separate attacks, representing a significant monthly surge of 97.6% compared to the prior month’s totals. Subsequently, around 1.8% of the stolen funds, equating to roughly $6.7 million, have since been recovered.
— PeckShieldAlert (@PeckShieldAlert) March 1, 2024
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2024-04-30 22:12