Cyber-attacks on Cryptocurrencies Drop by 67% in April, Shows Relative Market Resilience
Summary:
In April, cyber-attacks on cryptocurrencies saw a significant decrease of 67%, with the total compromised digital assets valued at $60.2 million. This reduction follows the considerable losses observed in March and April, standing at $187.6 million and $360.8 million, respectively. The most significant hacking incident of April occurred on the Hedgey Finance platform with a loss of $44.7 million. Fixed Float crypto exchange ranked second with a $3 million loss to hackers. Overall, in 2024 year-to-date (YTD), the cryptospace witnessed a 25.1% decrease in cyber-attacks compared to the same period in 2023.
Digital assets compromised due to cyber-attacks dropped considerably by 67% to $60.2 million in April, signaling the first significant downturn of cryptocurrency attacks this year. This sharp decline is a reversal from the $187.6 million losses to hacking in March and the humbling $360.8 million worth of digital assets compromised in April, as stated in a Peckshield's May 1 post.
The total of $60.2 million was swindled from 40 separate hacking experiences, which has been a significant challenge imbuing trust in the crypto market and its mainstream adoption.
The most significant hacking episode in April was on Hedgey Finance, a token infrastructure platform, where a whopping $44.7 million was exploited. Hackers found a loophole in Hedgey's token claim agreement on the Arbitrum Network, carried out on April 19.
The second most substantial attack had Fixed Float crypto exchange lose $3 million worth of digital assets due to a third-party service provider's vulnerability, as mentioned in FixedFloat's April 2 post.
Furthermore, Grand Base, the third major attack, suffered a loss of $2.67 million in digital assets, while another attack on Pike Finance led to a $1.6 million loss. Pike Finance's second incident within three days saw a $300,000 loss on April 26, raising alarm for crypto investors.
Both attacks on Pike Finance originated from the same smart contract loophole, permitting the perpetrator to bypass the contract, as stated in Pike Finance's May 1 post.
In 2024 year-to-date (YTD), the crypto world saw an alarming total of over $401 million in hacking events and fraudulent acts, signifying a 25.1% decline from the same period the previous year, which had more than $536 million of compromised funds, as per a May 1 Immunefi report.
Going by Immunefi’s data, $53 million was lost to hacking and deceit across 21 incidents in April, a welcome 46% fall compared to April 2023, when hackers made away with over $98 million worth of digital assets.
Hacking led to the majority of the losses, accountable for more than 94.3% of the lost funds during the month.
Published At
5/1/2024 3:16:53 PM
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