Insights Trends Crypto Hack Losses Declined Sharply in April

Crypto Hack Losses Declined Sharply in April

May 8, 2024 Trends
BITmarkets | Crypto Hack Losses Declined Sharply in April

The total value of cryptocurrency compromised by hacking in April fell by 67% to $60.2 million, indicating a significant reduction in crypto attacks and marking the first substantial decrease in such incidents in 2024.

This decrease from the $187.6 million hacked in March is a sharp drop and far less than the $360.8 million in digital assets stolen in February, as reported by on-chain security firm Peckshield in a May 1 X post.

In April, $60.2 million was stolen across 40 separate hacking incidents, reflecting ongoing challenges with hacks and exploits that undermine trust and mainstream adoption of cryptocurrencies.

The most substantial breach in April involved Hedgey Finance, a token infrastructure platform, which lost $44.7 million due to an exploit in its token claim contract on the Arbitrum Network on April 19.

The second largest incident involved the Fixed Float crypto exchange, which lost $3 million due to a vulnerability with a third-party service provider, as detailed in Fixed Float’s April 2 X post.

The third significant attack targeted Grand Base, resulting in a theft of $2.67 million in digital assets. Meanwhile, the fourth largest, impacting Pike Finance, led to losses of $1.6 million.

Adding to investor worries, this $1.6 million attack on Pike Finance was the second incident the platform faced within three days; the previous exploit on April 26 caused a $300,000 loss.

Both attacks on Pike Finance exploited the same smart contract vulnerability, which allowed the attacker to override the contract, according to a May 1 X post by Pike Finance.

Year-to-date (YTD) for 2024, the cryptocurrency sector has experienced over $401 million in hacks and rug pulls, marking a 25.1% decrease from the same period last year, which saw more than $536 million in hacked funds, as reported by the crypto bounty platform Immunefi on May 1.

Immunefi's data shows that in April alone, $53 million was lost to hacks and fraud across 21 incidents, a 46% decrease from April 2023, when over $98 million in digital assets were stolen.

Hacks remained the primary source of losses, accounting for over 94.3% of the funds lost during the month.

Sources:

https://cointelegraph.com/news/crypto-hacks-april-fall-67-60-million

https://twitter.com/PeckShieldAlert/status/1785631890470572421/photo/1

https://twitter.com/FixedFloat/status/1775172224216875223

https://twitter.com/PikeFinance/status/1785572875124330644

https://assets.ctfassets.net/t3wqy70tc3bv/2FlKal41QbUO206gQAcNOr/43ccdf6d0aed156a5d22320d7ab702bb/Immunefi_Crypto_Losses_In_April_2024.pdf

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