Cointelegraph Team
Cointelegraph
Crypto exploits, exit scams and flash loan attacks saw little signs of letting up in April, with more than $103 million of funds stolen from crypto projects and investors in the month.
On April 30, crypto security and auditing firm CertiK posted an April roundup of crypto exploits, scams and hacks, revealing total funds lost in April was $103.7 million, bringing the total year-to-date loss to $429.7 million.
The month was particularly marred with major crypto exploits, such as $25.4 million lost due to an exploit of several MEV trading bots on April 3, $22 million stolen in a hot wallet exploit at the Bitrue exchange and the hack of South Korean GDAC exchange leading to a loss of $13 million.
Crypto exploits in April. Source: CertiK
The total lost to crypto and DeFi exploits in the month amounted to $74.5 million, making up around half of the total $145 million exploited in the first four months of the year, according to CertiK.
The month also saw around $20 million lost to flash loan attacks, led mainly by Yearn Finance after a hacker exploited an old smart contract on April 13.
The blockchain security firm noted that total funds lost to exit scams reached $9.4 million in the month, with the top exit scam for the month being Merlin DEX, which lost $2.7 million. On April 26, CertiK reported that it was investigating a “potential private key management issue” at the exchange.
Furthermore, the exit scam occurred after the protocol was audited by CertiK, which warned about centralization issues. CertiK launched a compensation plan following the attack in which it urged the rogue developer to return 80% of the stolen funds with a 20% white hat bounty offered.
Crypto exit scams in April. Source: CertiK
According to De.Fi’s Rekt Database, there were over 50 crypto exploits, scams, hacks and rug pulls in April. Moreover, a large portion of them was memecoin rug pulls.
The most recent was the Polygon-based Ovix protocol, which lost $2 million in a flash loan attack on April 28.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Cardano Price Forecast: ADA's recent breakout could trigger 15% rally
Cardano price rally on Monday suggests that a larger bullish move might be in the works. On-chain data shows a comeback in investor interest and entry of institutional investors.
Ondo price poised to break ATH of $1.04
Ondo price is slowly testing its major support level at $0.63-$0.61. Aggressive buyers can consider accumulating around the immediate support zone, which extends from $0.83 to $0.80.
Shiba Inu price flashes buy signal, 25% rally likely Premium
Shiba Inu price has flipped bullish to the tune of the crypto market and breached key hurdles, showing signs of a potential rally. Investors looking to accumulate SHIB have a good opportunity to do so before the meme coin shoots up.
New York Attorney General reaches $2 billion settlement with Genesis after claims of fraud
New York Attorney General Letitia James says her office has secured a $2 billion settlement from Genesis. AG Letitia James sued the crypto company in October on account of lying and defrauding investors of over $1 billion.
Bitcoin: Is BTC out of the woods? Premium
Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.