Friday, June 9, 2023

CertiK says cryptocurrency scams, exploits and hacks caused $103 million in losses in April

Cryptocurrency exploits, exit scams and flash loan attacks show no signs of letting up in April; Over USD 103 million in funds lost from crypto projects and investors in the month,

Crypto auditing and security firm CertiK on April 30 public April roundup of cryptocurrency exploits, scams and hacks, what it reveals Total funds lost in April were $103.7 million, bringing year-to-date losses to $429.7 million,

This month was particularly marred by major cryptocurrency exploitsSuch as the loss of $25.4 million due to an exploit of various MEV trading bots on April 3, the theft of $22 million in a hot wallet exploit on the Bitrue exchange, and the hacking of South Korean exchange GDAC, which resulted in a loss of $13 million.

Cryptocurrency attack in April. Source: Certic

Total losses from cryptocurrency and DeFi exploits for the month were $74.5 million, almost half of the $145 million exploited in the first four months of the year.As per CertiK.

The onslaught on flash loans, mainly led by Eiran Finance, resulted in a loss of around USD 20 million in the month After a hacker exploited an ancient smart contract on April 13.

The blockchain security firm noted that the total funds lost to exit scams reached $9.4 million in the month., Merlin DEX had the most significant month, with a loss of US$2.7 million. On April 26, CertiK reported that it was investigating a “potential private key management issue” on the exchange.

Furthermore, the exit scandal followed an audit of the protocol by CertiK, which warned of centralization issues. CertiK launched a compensation plan following the attack, urging the rogue developer to return 80% of the stolen funds; The white-hat bounty offered was 20%.

Certik says cryptocurrency scams, exploits and hacks caused $103 million in losses in april
Cryptocurrency exit scam in April. Source: Certic

According to De.Fi’s Rekt database, There were over 50 cryptocurrency exploits, scams, hacks and rogue pulls in April. Furthermore, a large portion of them were memecoin thefts.,

The most recent was the Polygon-based Ovix Protocol, which caused a loss of $2 million in a flash loan attack on April 28.,

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

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World Nation News Desk
World Nation News Desk
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