CertiK Reports $103 Million in Losses Due to Crypto Scams, Exploits, and Hacks in April

Crypto Scams, Exploits, and Hacks: April’s Overview

In April 2023, the cryptocurrency world was hit by a series of scams, exploits, and hacks, which led to the loss of over $103 million in funds. CertiK, a crypto security and auditing firm, reported the total funds lost to these incidents in April, and the year-to-date loss amount, which reached $429.7 million. Here’s an overview of the report:

The Month’s Highlights

April was a tough month for the crypto community, with many high-profile incidents, including:

• Exploits of several MEV trading bots, which caused a loss of $25.4 million on April 3.
• A hot wallet exploit at Bitrue exchange, which led to a loss of $22 million.
• A hack of South Korean GDAC exchange, leading to a loss of $13 million.

Exploits, Scams, and Hacks Overview

CertiK’s report revealed that the total lost to crypto and DeFi exploits in April was $74.5 million, which represents around half of the $145 million exploited in the first four months of the year. Additionally, flash loan attacks caused a loss of around $20 million, mainly led by Yearn Finance. On April 13, a hacker exploited an old smart contract, resulting in the loss. The report also showed that exit scams led to a loss of $9.4 million in the month, with Merlin DEX being the top exit scam that lost $2.7 million. CertiK reported a “potential private key management issue” at the exchange and launched a compensation plan, urging the rogue developer to return 80% of the stolen funds with a 20% white hat bounty offered.

Rekt Database Overview

De.Fi’s Rekt Database reported over 50 crypto exploits, scams, hacks, and rug pulls in April, with memecoin rug pulls making up a significant portion of them. The most recent incident was the Polygon-based Ovix protocol, which lost $2 million in a flash loan attack on April 28. In conclusion, the crypto world experienced a tough month in April, with many high-profile scams, exploits, and hacks leading to a significant loss of funds. It’s important for crypto investors and projects to remain vigilant and take necessary security measures to prevent these incidents from happening.