Losses from crypto hacks drop 67% to $60m in April

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As an analyst with extensive experience in the crypto industry, I find the decline in crypto attacks and resulting losses in April 2024 to be a welcome trend. According to PeckShieldAlert’s data, there were around 40 hacks in April, resulting in losses of approximately $60.2 million. This represents a significant decrease of 67% from the losses recorded in March 2024 and a 25.1% decrease compared to the same period last year.

In April, crypto fraudsters stole $60.2 million, a 67% decrease from March.

As a researcher studying cryptocurrency security trends, I’ve noticed an intriguing development according to PeckShieldAlert data. In the month of April this year, we witnessed a substantial decrease in crypto attacks compared to previous months. This represents the initial significant reduction in 2024, with a remarkable decline of approximately 67% from the total amount of $187.6 million stolen. The hackers executed around forty such attacks during this period.

In April 2024, the crypto market experienced approximately 40 hacking incidents, leading to estimated losses of around $60.2 million. This figure represents a substantial decrease of nearly 67% compared to the losses reported in March 2024.

— PeckShieldAlert (@PeckShieldAlert) May 1, 2024

In the span of April, the most significant occurrence transpired as a result of the hacking of Hedgey Finance, a token infrastructure stage. On the 19th of April, malicious actors exploited a contract weakness, enabling them to acquire large quantities of Hedgey tokens on the Arbitrum network, resulting in an estimated theft of approximately $47 million.

As a researcher examining cybercrimes, I came across an incident where approximately $3 million in cryptocurrency was stolen from the Fix Float exchange. The theft occurred due to a weakness in the security of a third-party service that the platform relied on.

In their third and fourth largest attacks, hackers made off with approximately $2.67 million and $1.6 million worth of digital assets from Grand Base and Pike Finance respectively.

Approximately $401 million in cryptocurrency hacks and rug pulls have transpired since the start of this year. This represents a decrease of approximately 25.1% compared to the same timeframe last year when over $536 million in such incidents were uncovered, as reported by Immunefi.

In the month of April, there were 21 instances of hacking and fraud that led to a total loss of $53 million in digital assets. This represents a significant decrease of 46% compared to the same period last year when cybercriminals managed to steal over $98 million.

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2024-05-01 18:12