April Records Lowest Crypto Losses in Years: CertiK

CertiK, a leading blockchain security company, has released its latest report revealing a significant decline in losses resulting from crypto-related hacks and fraud by the end of April.

Pointing to the notable decline, CertiK reported that April saw a loss of approximately $25.7 million due to exploits, hacks, and fraud. This figure represents a 141% decrease from the previous month's losses, demonstrating the trend towards increased security within the cryptocurrency industry.

• Specifically, CertiK Separation Of the losses, approximately $4.3 million was lost to fraud, $129,000 to flash loans, and $21 million to exploits, based on confirmed incidents.
• This decrease in losses is a promising sign for the cryptocurrency industry, especially considering the large losses reported in previous years.
• According to a report by Hacken released in April, the cryptocurrency industry faced a rise in hacking incidents during the first quarter of 2024 amid a broader recovery, which subsequently led to losses of more than $824 million across 67 breaches.
• One critical observation made by Hacken is that these attacks targeted high-profile individuals and projects, reflecting the growing trend of bad actors targeting high-profile targets.
• The blockchain security company also reported that more than half of the stolen funds — nearly $444 million — were successfully recovered or frozen.
• This major recovery effort has shown an improvement in the industry's response to such incidents, attributed to measures such as bounties for returned funds and interventions by white hat hackers.