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Losses from Crypto Hacks Drop 67% in April to $60 Million

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The amount of cryptocurrencies stolen through hacks have declined in the month of April. This is also the same for the number of successful attacks carried out.

According to reports, the total value of crypto exposed to hackers dropped by 67% to $60.7 million.

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This is a major improvement form the $187.6 million figure recorded in March.

According to a report on X from on-chain security firm Peckshield, the monthly total stood at $60.2 million. This total was gotten from 40 separate hacking incident.

Notably, hacks and exploits are common problems faced by crypto operators and investors.

Peckshield Gives Security Update for April

HACKS

Source: X

According to the report, the largest hack in April was a $44.7 million hack on Hedgey Finance a token infrastructure platform.

The hackers exploited a weakness in the Hedgey’s token claim contract hosted on the Arbitrium network on April 19.

Also, the second largest hack event in the month was a $3 million exploit of crypto assets from Fixed Float crypto exchange.

According to their post on X, the same attackers who hacked them on February 16, repeated the action on April 1.

The hackers discovered a vulnerably through a third party whose service the exchange relied on. However, the exchange assured users that their funds were not affected.

The third largest attack recorded was on Grand Base where $2.67 million worth of assets were stolen. Also, the fourth largest attack ended in a $1.6 million loss for Pike Finance.

This was the second hack suffered by Pike Finance within three days after a $300,000 hack on April 26.

Notably, the two attacks resulted from smart contract vulnerabilities that enabled the attacker to override the contract.

According to a post by Pike Finance on X, a misalignment in their contracts created a variable which could not be accessed.

So, the attackers were able to upgrade the contracts and bypass admin access leading to withdrawal of funds. Consequently, investigations followed and efforts to recover the lost funds.

However, compared the losses from hacks and the frequency reduced compared to the previous month.

Crypto Hacks Drop over 25% on the Year-to-date Ratio Compared to 2023

The crypto market suffered over $401 million in exploits and rug pulls based on the 2024 year-to-date (YTD) ratio.

This is a 25.1% decline compared to the same period last year. According to a report by Immunefi, $536 million worth of funds were lost to hackers by this time last year.

Based on the Immunefi figures $53 million was lost to hacks and scams in 21 separate incidents in April. So, this a 46% decrease from the figures recorded in April 2023.

However, hacks remain the main cause of losses with over 94.3% of the lost funds in April resulting from these events.

Despite the hacks, the crypto market continues to attract more investors. However, critics of the sector always point out such vulnerabilities as a potential danger in cryptocurrency investments.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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