Crypto hacks on Coinbase’s Base chain rose by 145% in April, data shows

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As a researcher with extensive experience in blockchain security and crypto crime analysis, I find the recent surge in scam activity on Coinbase’s Base chain deeply concerning. While it’s true that overall crypto hacks saw a decrease in April, networks like Base are unfortunately becoming prime targets for scammers.

It seems that the Base chain of Coinbase is attracting unwanted attention from scammers. Two of the biggest reported heists in this network have taken place, contributing to more than one-fifth of the monthly thefts recorded.

As a crypto investor, I’ve noticed that the number of hacking incidents in the cryptocurrency space decreased in April compared to previous months. However, I can’t let my guard down as some malicious actors are now focusing on new areas to carry out scams. According to Scam Sniffer’s data, Coinbase’s Base network, a Ethereum-based platform, experienced a staggering 145% increase in scam activity during April. Therefore, it’s crucial for us to stay informed and vigilant against these emerging threats.

Theft on the Base chain experienced a significant jump, rising by 145% compared to the previous month.

Two of the top ten largest individual instances of theft took place on this chain, contributing to 21% of the total theft recorded during the month.

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) May 6, 2024

Based on the findings of a blockchain intelligence firm, the number of scam attempts on the Base network experienced a staggering 1,900% increase since the beginning of the year. As a result, around $170,000 worth of assets were stolen from victims primarily through phishing schemes. Notably, in April, more than 90% of the pilfered funds consisted of ERC-20 tokens, which are the standard for tokens on Ethereum’s network. Warning systems like Scam Sniffer identified common phishing techniques such as Permit, IncreaseAllowance, and Uniswap Permit2 as major contributors to substantial losses.

In April 2024, there was a noticeable decrease in the number of cryptocurrency attacks for the first time since the beginning of the year. However, this decline did not prevent several large-scale incidents from occurring. The most significant attack affected Hedgey Finance, a token infrastructure platform, resulting in a loss of approximately $47 million worth of crypto. A further attack on Fix Float exchange led to the theft of around $3 million worth of cryptocurrency due to a weakness in a third-party service provider. Lastly, Grand Base was targeted, allowing hackers to acquire $2.67 million in crypto.

As a researcher examining the cryptocurrency market, I’ve discovered that over $401 million in funds were stolen through hacks and rug pulls from the beginning of this year up to now. This is a notable decrease of 25.1% compared to the same time frame last year when approximately $536 million worth of hacks took place, based on data from Immunefi.

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2024-05-06 14:11