Losses From Crypto Hacks and Scams Down 140% in April

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  • Losses from hacks and scams dropped significantly in April compared to March
  • According to blockchain security firm Certik, the losses dropped by roughly 140% to $25.7 million
  • The figure is the lowest ever recorded since 2021

Blockchain security firm Certik has disclosed that hackers, scammers, and exploiters pocketed less in April than in March, noting that the amount is close to 1.5 times lower than in the previous month. According to Certik, malicious actors pocketed $25.7 million which it said is the lowest amount stolen in a month since 2021. Although the security firm noted that the figure may rise because of the ZKasino saga which it’s yet to determine whether it constitutes a malicious undertaking, it’s unclear whether malicious actors have slowed down their activities or whether web3 platforms have become more secure and crypto users more vigilant to scamming attempts.

$21 Million from Smart Contract Exploits

According to Certik, smart contract exploiters pocketed the highest amount at $21 million. Developers rug pulling their users or exit scams accounted for $4.3 million followed by flash loans siphoning $129,000 from DeFi users.

Some of the high-profile hacks in April include the FixedFloat incident where roughly $3 million was hacked. The reduction in stolen funds can somewhat be attributed to fewer private key compromises in April where only three such compromises were recorded compared to 11 in the previous month.

Web2 Weakness Affect Web3 Projects

Certik’s report comes six months after blockchain security firm Immunefi revealed that web2 security weaknesses are responsible for flaws in web3 protocols. Immunefi noted that most hacks ride on web3 platforms’ infrastructure weaknesses.

It also comes two weeks after Nirvana Finance hackers were jailed for three years and a few weeks after attendees of the 2022 CoreDev Atlanta were accused of stealing $3 million from a Bitcoin developer, Luke Dashjr.

With a drop in stolen funds, it’s to be seen whether malicious actors will ramp up their activities in May.