Crypto Hacks Plummet: April Losses Down 67% to $60M

The value of hacked cryptocurrency saw a significant drop of 67% in April, totaling $60.2 million. This decline marks a notable decrease in crypto attacks, the first significant one this year. In comparison, the amount hacked in March was $187.6 million, and in April, it was $360.8 million, according to on-chain security firm Peckshield’s May 1 report. The $60.2 million was stolen in 40 separate hacking incidents. Hacks and exploits have been major factors undermining trust in cryptocurrencies, impeding mainstream adoption.

The largest incident in April was the $44.7 million hack on Hedgey Finance, a token infrastructure platform. The hackers exploited a vulnerability in Hedgey’s token claim contract on the Arbitrum Network on April 19. Another significant hack happened on the Fixed Float crypto exchange, resulting in the theft of $3 million worth of cryptocurrency. The vulnerability was due to a third-party service provider used by the exchange. Grand Base fell victim to the third-largest attack, with hackers stealing $2.67 million worth of digital assets. Pike Finance experienced the fourth-largest hack, losing $1.6 million in funds. Of concern to investors was that this attack was the second one on Pike Finance in just three days, following a $300,000 exploit on April 26. Both attacks exploited the same smart contract vulnerability, allowing the attacker to override the contract.

In comparison to 2023, cryptocurrency hacks have decreased by over 25% year-to-date in 2024. In 2023, there were over $536 million worth of hacked funds, while this year saw $401 million worth of hacks and rug pulls, according to crypto bounty platform Immunefi’s report on May 1. In April alone, $53 million was lost to hacks and fraud across 21 incidents, representing a 46% decrease from April 2023, when attackers stole over $98 million worth of digital assets. Hacks remained the main contributor to losses, accounting for more than 94.3% of the funds lost during the month.

Junia Hedrick

Junia Hedrick

7 thoughts on “Crypto Hacks Plummet: April Losses Down 67% to $60M

  1. It’s disheartening to see these hacking incidents happen, but the overall decrease provides hope for a safer crypto future.

  2. This improvement in cryptocurrency security positively impacts all of us. Let’s keep up the good work and protect our investments!

  3. Cryptocurrency security is crucial for its mainstream adoption. It’s good to see efforts being made to protect investors.

  4. The drop in hacked funds is a win for all cryptocurrency enthusiasts. Let’s keep striving for a safer and more secure ecosystem.

  5. Cryptocurrency attacks might not be completely eradicated, but this drop is a sign that we’re moving in the right direction.

  6. This report just reinforces the need for stronger security measures in the crypto world.

  7. Let’s hope that this decrease continues and more people feel confident about investing in cryptocurrencies.

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