CertiK: April Sees Decline in Crypto Hacking Losses

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As an experienced analyst in the crypto space, I’m encouraged by the significant decrease in losses from hacks and scams reported by CertiK in April. The total losses of less than $26 million mark a 141% decrease from March, which is a positive sign that security measures are improving. However, it’s important to note that even with this decrease, the first quarter of 2024 still saw significant fraud and theft incidents totaling over $336 million based on Immunefi’s findings.

In April, CertiK reported a significant reduction in cryptocurrency-related hacking and scam losses.

#Alert: According to our April report, approximately $25.7 million was collectively lost due to exploits, hacks, and scams. This is the lowest amount recorded since 2021. A significant decrease of 141% compared to March’s figures. Breakdown: Exit scams caused around $4.3 million in losses; Flash loans accounted for approximately $129,000; and exploits led to a loss of about $21 million. Additional information below.

— CertiK Alert (@CertiKAlert) April 30, 2024

In April, CertiK experienced losses amounting to under $26 million, representing a significant decrease of 141% compared to the losses incurred in March. The field of API security is persistently advancing, striving to eliminate hacking incidents by securing private keys and safeguarding digital assets.

As a financial analyst, I’ve observed that flash loan attacks resulted in significant losses amounting to over $129,000 in recent events. Among these incidents, the most substantial loss reached approximately $55,000. Since the beginning of February 2022, this represents the smallest reported damage from such occurrences.

Despite the encouraging trend suggested by the April statistics, there was unfortunately a significant setback with $336 million worth of fraud and theft incidents reported during the first quarter, according to Immunefi’s findings. This represents a substantial decrease from previous levels but underscores ongoing security concerns within Decentralized Finance (DeFi).

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2024-05-01 05:24