Hacks and Exploits Cause Over $100M in Crypto Losses in April: Report

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Over $100 million worth of cryptocurrency was lost in the month of April this year due to crypto-related exploits, hacks and scams, according to a report.

According to blockchain and smart contract security firm CertiK, the total funds hackers managed to drain in April from crypto projects amounted to $103.7 million, bringing the total loss since the start of the crisis. year at $429.7 million.

Several major crypto exploits occurred in April, leading to major losses in the industry. For example, there was a loss of $25.4 million due to an exploit of multiple MEV trading bots.

Additionally, Bitrue Exchange was the victim of a hot wallet exploit in which $22 million was stolen, and South Korea’s GDAC exchange was hacked, resulting in a loss of $13 million, according to the report.

The total amount of money lost to crypto and DeFi (decentralized finance) exploits in April was $74.5 million.

That’s nearly half of the total $145 million lost to such exploits in the first four months of the year, according to the report.

Additionally, the report states that total funds lost to exit scams reached $9.4 million during the month, with Merlin DEX losing $2.7 million and about $20 million lost to exit scams. flash loan attacks, led primarily by Yearn Finance after a hacker exploited an old smart contract in April. In April, Seychelles-based cryptocurrency exchange KuCoin said its Twitter account had been hacked, allowing threat actors to promote a fraudulent scam, which resulted in the theft of more than 22.6,000 cryptocurrency dollars.

Although the account was hacked for a brief period of 45 minutes, the crypto exchange reported that during this period, 22 Bitcoin and Ethereum transactions were sent by its followers.

This unfortunately gave the hackers enough time to steal a total of $22,628.

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