As April comes to an end, the month witnessed the lowest combined losses from crypto-related hacks and scams, according to security firm CertiK.
Key Findings by CertiK
โ CertiK confirms ~$25.7m lost to exploits, hacks, and scams in April
โ This figure is the lowest recorded since 2021
โ Aprilโs total loss represents a 141% decrease from the previous month
Breakdown of Losses
โ $4.3 million lost to exit scams
โ Exit scams: a fraudulent scheme where an organization stops operations and disappears with investorsโ money
โ $129,000 lost to flash loans
โ Flash loans: a type of uncollateralized loan
โ $21 million lost to exploits
โ Exploits: vulnerabilities in software or systems that are utilized by hackers
Industry Trends
โ In Q1 of 2024, the industry lost $336 million to hacks and fraud
โ In 2023, hackers stole an estimated $1.8 billion in cryptocurrency funds
โ This was a decrease from the $4 billion stolen in the previous year
Hot Take: Maintaining Vigilance in the Crypto Space
Being aware of the latest trends and statistics in the crypto space is crucial to protecting your investments. Stay informed about potential risks and security measures in order to safeguard your assets from hacks and scams.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.