cryptocurrency scams, exploits, and hacks resulted in a loss of $103 million in April.

CertiK, a cryptocurrency auditing and security company, published a summary of cryptocurrency hacks, scams, and exploits that occurred in April. According to the report, the total amount of money lost in April was $103.7 million, totally bringing the loss for the year to $429.7 million.

 The security and auditing firm also identified several significant exploits that took place in April. On April 3rd, hackers exploited several MEV bots resulting in a loss of $25 million.

Hackers conducted an attack on Bitrue exchange’s hot wallet, resulting in a loss of $22 million. They also attacked South Korean-based GDAC Exchange, leading to a loss of $13 million. CertiK reported a total loss of approximately $74.5 million due to crypto and DeFi exploits in April. This amount is almost half of the $145 million lost in the first four months of 2023.

De.Fi’s Rekt Database also recorded over 50 cryptocurrency hacks, scams, exploits, and rug pulls in April. The majority of these incidents were memecoin rug pulls.

Significant Exploits and Scams Occurred in April:

In April, various notable scams affected the crypto industry. The latest victim of cryptocurrency theft, Ovix protocol, which is based on Polygon, lost $2 million in a flash loan attack.

Additionally, on April 9th, the DeFi protocol SushiSwap experienced a loss of more than $3 million due to a bug in one of its smart contracts. The Router Processor 2 contract’s approval function was responsible for the unusual activity on the protocol as according to PeckShield.

On April 17th, Optimism, an Ethereum Layer-2 blockchain, announced a significant security breach involving Hundred Finance. CertiK reported that Hundred Finance lost $7.4 million due to the exploit. While the protocol did not disclose the attack’s method so, CertiK categorized it as a flash loan attack.

Related reading: Ovix, polygon-based protocol, exploited for $2M

The authorā€™s views are for reference only and shall not constitute investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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