- $103.7 million was lost to scams, hacks, and exploits in April
- There was a surge in exit scams, flash loan attacks, and other crypto theft
In April this year, crypto theft and exploits were even more common relatively speaking, leaving crypto users reeling from the collective loss of $103.7 million, according to a tweet by leading blockchain auditor CertiK.
CertiK reported that $103.7 million has been lost to scams, hacks, and exploits. Of this amount, cybercriminals stole $19.8 million in flash loans and $9.3 million in exit scams.
April was marked by a series of security breaches and fraudulent acts, resulting in a total loss of $430 million year-to-date.
Surge in flash loans and exit scams
Crypto theft comprised the largest portion of losses in April despite efforts to improve security measures. There was a surge in exit scams, flash loan attacks, and other forms of crypto theft. According to CertiK data, users lost $75 million to these security breaches, making up almost half of the $145 million lost so far this year.
April’s biggest losers: Yearn, Bitrue, and Ovix
On April 13, a hacker attacked an outdated smart contract on Yearn Finance, incurring a loss of $20 million. Ten days earlier, an Ethereum Mainnet validator attacked a major MEV (maximal extractable value) bot, leading to a loss by the network of almost $20 million. Ethereum MEV bots are automated software programs that are designed to extract value from Ethereum transactions.
The crypto exchange GDAC, based in South Korea, lost $13 million in a hack. On April 14, cybercriminals stole $23 million from a hot wallet belonging to Bitrue, a Singapore-based crypto exchange.
Polygon-based Ovix protocol was the latest victim of a flash loan attack. It lost $2 million on April 28.
Crypto security experts warn that caution and vigilance are more important than ever as the crypto industry continues to struggle with escalating security risks.
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