May 23, 2024
Latest Cryptocurrency News

Crypto Losses Hit Record Lows in April, CertiK Report Reveals

April marked a significant downturn in crypto losses from hacks and scams, with only $25.7 million lost. This marked a 141% decrease from the previous month, as per a report by blockchain security platform CertiK.

This substantial reduction is attributed primarily to the absence of private key compromises, a common avenue for cybercriminals.

Notably, March witnessed 11 attacks via private key compromises, whereas April saw only 3, reflecting a remarkable improvement in security measures within the crypto space.

Notable Incidents Despite Overall Decline

Despite the overall positive trend, notable incidents occurred, shaking investor confidence. For instance, Memecoin CondomSol’s presale address scam resulting in a loss of approximately $933,000, leaving unsuspecting users defrauded.

Additionally, Bitcoin Lightning Network exchange FixedFloat suffered a severe blow on April 1, losing approximately $3 million to hackers. Remarkably, this incident marked the second attack on FixedFloat in 2024, following a previous breach in February.

CertiK Report
The number of incidents and amount lost in Q1 2024. Source: CertiK

CertiK Report: Breakdown of Losses

Out of the total losses reported, $21 million was attributed to exploits, with only three breaches exceeding $1 million in damages. Flash loan attacks caused $129,000 in losses, the lowest since February 2022. While exit scams decreased by 40% from March, signaling a possible improvement in investor awareness and due diligence.

The report by CertiK did not include ZKasino’s controversy, where investors were unable to withdraw funds, pending confirmation of fraudulent activity. Additionally, just after the report, hackers exploited the decentralized finance app Yield Protocol for $181,000, despite its official closure.

Image by freepik

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