April saw $25 million in exploits and fraud, a historic low – CertiK

April saw low crypto losses from hacks and scams, according to a report by blockchain security platform Certik published by Cointelegraph on April 30. Only $25.7 million was lost in attacks during the month, the lowest amount since CertiK began tracking this data in 2021.

According to the report, losses from hacking, exploitation and fraud have decreased by 141% compared to the previous month. The decline is largely due to the lack of private key consensus. In March, there were 11 attacks on protocols with private key agreements, but only three in April.

While this is good news for crypto users, some high-profile hacks and scams have resulted in hundreds of thousands or even millions of dollars lost during the month. Memecoin Condom has “introduced a pre-sale address on the Solana network” that will be used to withdraw money from unsuspecting users. A total of nearly $933,000 worth of crypto was lost in that attack.

Bitcoin Lightning Network exchange FixedFloat suffered a massive attack on April 1, losing nearly $3 million in the process. This is the second time in 2024 that FixedFloat has been attacked. The last incident happened in February.

Of the $25.7 million in total losses reported for the month, a significant portion — $21 million — was due to exploits, and only three of those breaches resulted in more than $1 million in damage each. Flash loan attacks caused $129,000 in losses, with the largest single incident causing $55,000 in damage. According to CertiK, this is the lowest incidence of flash loan attacks since February 2022. Additionally, there were 13 exit scams during the month, a 40 percent decrease from March.

Certike said these figures do not include ZKasino, which prevents investors from withdrawing their deposits. Although the report considers the project to be in “controversy”, it is still a fraud. The security platform said it would update the figures if it was confirmed that the casino was engaging in abuse. ZKasino has angered many of its users by moving their funds to the Lido protocol on April 22nd.

After the CertK report came out, the decentralized financial app product protocol was exploited for $181,000. Product has been officially closed by the developer. However, due to the immutable nature of smart contracts, some users can still interact with them.

Magazine: Diffie's Billion Dollar Secret: Insiders Responsible for Hacking