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Crypto Scams, Flaws, And Hacks In April Cost $103M-CertiK

This month was especially bad for exploits. Half of all the crypto that has been abused so far in 2023 was lost because of exploits.

In April, there was no sign that crypto bugs, exit scams, and flash loan attacks would slow down. As a result, more than $103 million was stolen from crypto projects and investors.

CertiK’s April roundup of crypto vulnerabilities, frauds, and hacks revealed $103.7 million in losses, bringing the year-to-date total to $429.7 million.

April saw numerous notable crypto attacks, including $25.4 million lost owing to an exploit of many MEV trading bots on April 3, $22 million taken in a hot wallet exploit at the Bitrue exchange, and $13 million lost in the South Korean GDAC exchange hack.

CertiK says that crypto and DeFi exploits cost a total of $74.5 million in the month. This is about half of the $145 million that was lost in the first four months of the year.

Around $20 million was also stolen in flash loan attacks, which were mostly led by Yearn Finance after a hacker used an old smart contract on April 13 to get in.

According to the blockchain security firm, Merlin DEX lost $2.7 million in exit scams throughout the month. CertiK said on April 26 that it was looking into a “potential private key management issue” at the exchange.

Also, the exit scam happened after the protocol had been reviewed by CertiK, which found problems with centralization and warned about them. After the attack, CertiK demanded 80% of the stolen funds and a 20% white hat bounty from the rogue developer.

In April, there were over 50 crypto attacks, scams, hacks, and rug pulls, according to DeFi’s Rekt Database. A large number of them were also memecoin rug pulls.

The most recent was on April 28, when a flash loan attack cost the Polygon-based Ovix protocol $2 million.