Markets

CertiK reveals $100 million in crypto attacks were stolen in April

Crypto attacks in April topped $100 million, adding to the already large amount stolen in 2023. Unsurprisingly, DeFi was the main target last month.

CertiK reports that cryptocurrency attacks in April exceeded $100 million. The blockchain security firm noted that around $103.6 million was stolen due to exploits, hacks, and scams.

Crypto attacks are not slowing down

One of the most common attack methods was urgent loans, which resulted in the theft of $19.9 million. These attacks are common and continue to be a pain point for the DeFi space. The checkout scam drained $9.4 million, which is a smaller but still a lot of money. However, the biggest losses resulted from the exploit, with $74.5 million stolen in this way.

encryption attacks in April: ratify

The largest single attack was the MEV bots attack, which incurred $25.3 million in losses due to a vulnerability. Bitrue and GDAC followed with $22 million and $13 million, also due to loopholes.

Top 5 DeFi exploits: CertiK
Top 5 DeFi exploits: CertiK

In terms of exit scams, Merlin DEX was the biggest offender, siphoning off $2.7 million in funds. Ordinals Finance came in second with $1 million stolen.

The largest flash loan attacks occurred on Yearn Finance, where $10.1 million was stolen, and Hundred Finance, which saw $7.4 million stolen.

These attacks indicate that the DeFi market still has a lot of work to do to protect investors. It looks like 2023 could match 2022 in terms of losses, something teams would desperately want to avoid as the market grows larger.

Euler Finance Hack and others warn investors

Many major attacks already happened In 2023, with tens of millions of dollars being stolen every month. While rug pulls still happen, many of the attacks in 2023 are due to exploiting the logic of the protocol.

One of the most prominent attacks was Euler Finance, where hackers stole $197 million in March. The team managed to get the money back after negotiating with the Attackers. Another major attack was the Sentiment Finance attack, in which the platform lost nearly $1 million due to the return attack. Here, too, the team negotiated with the hacker, with the latter returning 90% of the money.

Downward trend of crypto attack in 2023

So far, 2023 may look better than 2022 because the year saw fewer thefts than the previous year. In February 2022, hackers stole $359 million. This year, during the same month, the figure was $20 million.

However, this is only because hackers launched massive attacks on a single platform, greatly increasing the total loot. DeFi hacks in 2022 were audacious even by the standards of the crypto market, leading the FBI to offer safety tips.

Disclaimer

Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.

Leave a Reply

Your email address will not be published. Required fields are marked *