Plato Data Intelligence.
Vertical Search & Ai.

April’s Crypto Scams, Exploits and Hacks Lead to $103M Lost — CertiK

Date:

Crypto vulnerabilities, exit scams, and flash loan assaults continued unabated in April, with more than $103 million taken from crypto companies and investors.  CertiK, a crypto security and auditing business, published an April summary of crypto vulnerabilities, scams, and hacks on April 30, reporting a total loss of $103.7 million in April, increasing the year-to-date total loss to $429.7 million.

The month was notably blighted by big crypto exploits, such as $25.4 million lost owing to an exploit of multiple MEV trading bots on April 3, $22 million taken in a hot wallet vulnerability at the Bitrue exchange, and a $13 million loss due to a breach of the South Korean GDAC exchange.

According to CertiK, the sum lost to crypto and DeFi exploits in the month was $74.5 million, accounting for over half of the total $145 million exposed in the first four months of the year.

In addition, roughly $20 million was lost to flash loan assaults throughout the month, mostly by Yearn Finance, when a hacker exploited an outdated smart contract on April 13.

The blockchain security company said that total cash lost to exit scams reached $9.4 million in the month, with Merlin DEX losing $2.7 million as the top exit fraud. CertiK said on April 26 that it was looking into a “potential private key management issue” at the exchange.

Furthermore, the exit scam occurred after CertiK audited the protocol and warned about centralization issues. Following the attack, CertiK launched a compensation plan in which it urged the rogue developer to return 80% of the stolen funds in exchange for a 20% white hat bounty.

In April, there were over 50 crypto exploits, scams, hacks, and rug pulls, according to De. Fi’s Rekt Database. Furthermore, a large proportion of them was memecoin rug pulls.

The most recent was the Polygon-based Ovix protocol, which lost $2 million in an April 28 flash loan assault.

Latest News

Avalanche Contract Deployment spikes – Did AVAX Feel

Latest News

Coinbase Exec Uses ChatGPT ‘Jailbreak’ to Get Odds

Latest News

Cryptocurrency Transfers Coming to Venmo Users in May

Latest News

Legendary Tech Investor Tim Draper Tells the Story

Latest News

Bitget Betting Big on AI With $10M Investment

spot_img

Latest Intelligence

spot_img

Chat with us

Hi there! How can I help you?