Crypto market losses from fraud hit record low in April - Certik
According to analysts from CertiK, April saw the least damage caused to the cryptocurrency market as a result of cybercrime since 2021.
According to the latest report on April 30, based on data from blockchain security platform CertiK, April turned out to be a record-breaking month for the cryptocurrency market in terms of security. During this period, historically low losses from cyber attacks and fraud were recorded, amounting to only $25.7 million. This is the lowest amount recorded since CertiK monitoring began in 2021.
The report highlights that losses from hacking, exploits and fraud decreased by 141% compared to the previous month. The main factor behind the decline was the lack of compromise of private keys. If in March 11 attacks were recorded on protocols using secret keys, then in April their number decreased to three.
According to the latest report on April 30, based on data from blockchain security platform CertiK, April turned out to be a record-breaking month for the cryptocurrency market in terms of security. During this period, historically low losses from cyber attacks and fraud were recorded, amounting to only $25.7 million. This is the lowest amount recorded since CertiK monitoring began in 2021.
The report highlights that losses from hacking, exploits and fraud decreased by 141% compared to the previous month. The main factor behind the decline was the lack of compromise of private keys. If in March 11 attacks were recorded on protocols using secret keys, then in April their number decreased to three.
Detailed statistics on incidents:
exit scams - about $4.3 million in damage;
fraud with instant loans - $129,000;
vulnerabilities - $21 million.
Despite positive trends in the security of the cryptocurrency market, several significant incidents of hacking and fraud over the past month have still led to significant financial losses. For example, Memecoin Condom advertised a pre-sale address on the Solana network, which attackers used to siphon funds from unknowing users. As a result of this attack, approximately $933,000 in cryptocurrency was lost.
It's also worth noting that the Bitcoin Lightning Network exchange FixFloat experienced a major hack on April 1 that resulted in approximately $3 million in damage. This is the second time this exchange has been attacked in 2024; the previous incident occurred in February.
Of the $25.7 million in total losses reported for the month, a significant portion, $21 million, was attributed to exploits. However, only three of these violations resulted in damage exceeding $1 million. Term loan attacks resulted in $129,000 in losses, with the largest incident causing $55,000 in damages. This is the lowest level of term loan attacks since February 2022, according to CertiK. In addition, 13 cases of exit scam occurred during the month, which is 40% less than in March.
CertiK noted that the figures mentioned do not include the ZKasino project, which has become the subject of controversy due to the inability of investors to withdraw their funds. Although the report mentions that the project is at the center of discussion, its actions have not yet been classified as fraud. CertiK said it would update its data if ZKasino's misbehavior is confirmed. On April 22, ZKasino moved funds to the Lido protocol, which caused outrage among many users.
It's also worth noting that the Bitcoin Lightning Network exchange FixFloat experienced a major hack on April 1 that resulted in approximately $3 million in damage. This is the second time this exchange has been attacked in 2024; the previous incident occurred in February.
Of the $25.7 million in total losses reported for the month, a significant portion, $21 million, was attributed to exploits. However, only three of these violations resulted in damage exceeding $1 million. Term loan attacks resulted in $129,000 in losses, with the largest incident causing $55,000 in damages. This is the lowest level of term loan attacks since February 2022, according to CertiK. In addition, 13 cases of exit scam occurred during the month, which is 40% less than in March.
CertiK noted that the figures mentioned do not include the ZKasino project, which has become the subject of controversy due to the inability of investors to withdraw their funds. Although the report mentions that the project is at the center of discussion, its actions have not yet been classified as fraud. CertiK said it would update its data if ZKasino's misbehavior is confirmed. On April 22, ZKasino moved funds to the Lido protocol, which caused outrage among many users.
And we at AML Crypto remind you that we wrote in this article how to recognize a fraudulent crypto project. And check your crypto wallet for purity, perform AML address verification, track the transaction - this and more you can do in our solution Btrace. Free AML wallet verification for every new user.
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