The world of cryptocurrency faced alarming cases of hacks and fraud in April as usual. However, this time, according to a report by CertiK, we see that the losses have receded to the lowest level. Blockchain security firm reported that the hacks, exploits, and frauds in April resulted in a total loss of about $25.7 million. This figure has been recorded as the lowest level since 2021.
Notable Decline in Numbers
According to CertiK, the losses in April representing a 141% decrease compared to the previous month is quite remarkable. This decrease can be associated with increased security measures and awareness in the industry. However, it’s still not possible to say that these numbers are at acceptable levels.
According to the firm’s data, losses from exit scams reached about $4.3 million, while flash loans caused $129,000, and hacks and exploits resulted in a loss of $21 million. Particularly, the losses due to hacks were quite high. This situation might indicate that the industry is facing more complex attacks.
Crypto-Focused Losses in the First Quarter of 2024 Total $336 Million
According to data from Immunefi, the industry faced a total loss of $336 million due to hacks and fraud in the first quarter of 2024. This figure highlights the serious threats the industry is facing.
Looking at past years, it is estimated that hackers stole approximately $1.8 billion in cryptocurrency funds in 2023. This figure represents a significant decrease compared to the previous year. However, the seriousness of the risks and threats faced by the industry should not be overlooked.
At this point, the low level of crypto losses in April can be associated with increased security measures and awareness in the industry. However, this does not mean that the threats the industry faces have decreased. Implementing more effective security measures and robust regulation in the future will be important steps to increase security in the industry. While all these steps may not end activities like hacking and fraud, they could indicate a trend towards numerical reduction.
