April witnessed a significant decrease in losses from crypto hacks and scams, setting a new record low, according to a report from Certik, a blockchain security platform. The total amount lost in attacks during the month was only $25.7 million, the lowest since CertiK began tracking this data in 2021.
The report revealed a 141% decline in losses from hacks, exploits, and scams compared to the previous month. This drop can be primarily attributed to the absence of private key compromises. In March, there were 11 attacks on protocols through private key compromises, whereas in April, there were only three.
Although this news is positive for crypto users, there were still notable incidents that resulted in significant losses. Memecoin Condom, for example, promoted a presale address on the Solana network, which was then used to drain funds from unsuspecting users, resulting in approximately $933,000 in lost cryptocurrencies.
Another high-profile hack occurred on April 1, when Bitcoin Lightning Network exchange FixedFloat lost around $3 million. This was the second attack on FixedFloat in 2024, with the previous incident taking place in February.
Out of the total losses reported for April, $21 million was attributed to exploits, with only three breaches resulting in damages exceeding $1 million each. Flash loan attacks accounted for $129,000 in losses, with the most significant incident causing $55,000 in damages. CertiK noted that this marked the lowest number of flash loan attacks since February 2022. Additionally, there were 13 exit scams during the month, representing a 40% decrease from March.
The report did not include ZKasino, a project that prevented investors from withdrawing their deposited funds. While CertiK acknowledged the controversy surrounding the project, it has not labeled it as a scam yet. However, if ZKasino’s malicious activities are confirmed, CertiK stated that it would update its figures accordingly. Notably, ZKasino angered many users when it moved funds to the Lido protocol on April 22.
Shortly after CertiK’s report was published, the decentralized finance app Yield Protocol suffered an exploit resulting in $181,000 in losses. Although the developer had officially shut down Yield, some users could still interact with its smart contracts due to their immutable nature.
Title: Record-Low Crypto Losses from Hacks and Scams in April, Reports CertiK