Cryptocurrency Industry Sees Record Low in Losses from Hacks and Scams in April 2024
The cryptocurrency industry experienced a significant decrease in combined losses from hacks and scams in April, reaching the lowest recorded figure since tracking began in 2021. According to security firm CertiK, approximately $25.7 million was lost to exploits, hacks, and scams during the month, marking a 141% decrease from the previous month.
The report highlighted that exploits accounted for the majority of losses, totaling around $21 million, with only three breaches exceeding $1 million in damages. Flash loan attacks saw a decrease as well, with only $129,000 in losses reported, the lowest since February 2022. Exit scams also contributed to the total losses, amounting to $4.3 million.
Despite the overall positive trend, several major hacks and scams still occurred in April. For example, the memecoin CondomSol’s presale address on the Solana network was exploited, resulting in approximately $933,000 in losses for users. Additionally, the attack on the FixedFloat project by the same attackers who compromised it in February 2024 stood out as a prominent incident.
While the industry has seen a decrease in losses compared to previous years, challenges in security persist. The recent exploit on the decentralized finance app Yield Protocol, resulting in $181,000 in losses, serves as a reminder of the ongoing risks in the cryptocurrency space.
Overall, the data reflects a positive trend in reducing losses from hacks and scams in the cryptocurrency industry. However, continued vigilance and security measures are necessary to mitigate risks and protect users from potential threats.
