- The leading blockchain security firm, CertiK, has released a report revealing a significant decrease in losses from crypto-related scams and hacks as April concludes.
- According to CertiK, the month of April saw approximately $25.7 million lost to exploits, hacks, and scams, marking a decline of 141% from the previous month’s losses.
- This reduction in losses is a promising sign for the cryptocurrency industry, which has seen significant losses in previous years.
CertiK’s latest report reveals a significant downturn in losses from crypto-related hacks and scams in April, marking a promising trend towards increased security in the cryptocurrency industry.
Breakdown of Losses
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 detailed analysis provides a clearer picture of the areas within the crypto industry that are most vulnerable to attacks.
Previous Reports and Recovery Efforts
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, resulting 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. However, more than half of the stolen funds – nearly $444 million – were successfully recovered or frozen, demonstrating an improvement in the industry’s responsiveness to such incidents. This recovery effort is attributed to measures such as bounties for returned funds and interventions by white hat hackers.
Conclusion
The significant decrease in losses from crypto-related scams and hacks as reported by CertiK is a promising sign for the cryptocurrency industry. While challenges remain, the industry’s responsiveness and recovery efforts are improving, offering a more secure future for all stakeholders.
