The leading blockchain security firm, CertiK, released its latest report revealing a significant downturn in losses from crypto-related hacks and scams as April concludes.
Noting a notable decrease, CertiK stated April saw approximately $25.7 million lost to exploits, hacks, and scams. This figure marks a decline of 141% from the previous month’s losses, demonstrating a trend towards increased security within the cryptocurrency industry.
Specifically, CertiK’s breakdown of the losses indicates that roughly $4.3 million was lost to exit scams, $129,000 to flash loans, and $21 million to exploits, based on confirmed incidents.This reduction in losses is a promising sign for the cryptocurrency industry, especially considering the significant losses reported in previous years.According to a report by Hacken released in April, the crypto industry faced a surge in hacking incidents during the first quarter of 2024 amidst a broader resurgence, which subsequently resulted in losses of over $824 million across 67 breaches.One of the crucial observations made by Hacken was that these attacks targeted prominent individuals and projects, reflecting a growing trend of bad actors aiming at high-profile targets.The blockchain security firm also reported that more than half of the stolen funds – nearly $444 million – were successfully recovered or frozen.This significant recovery effort demonstrated an improvement in the industry’s responsiveness to such incidents, attributed to measures such as bounties for returned funds and interventions by white hat hackers.