The cryptocurrency industry is breathing a sigh of relief as CertiK, a leading blockchain security firm, reported a dramatic decrease in losses stemming from hacks and scams in April.
According to CertiK’s findings, April witnessed a staggering 141% drop compared to the previous month, with a total loss of approximately $25.7 million. This represents a significant decline and the lowest figure recorded by the firm since 2021.
Breaking down the losses, CertiK pinpoints exit scams as responsible for roughly $4.3 million, while flash loans amounted to $129,000. Exploits, the most substantial category, accounted for $21 million.
This positive development comes on the heels of a contrasting report issued by Hacken in April. Hacken revealed a surge in hacking incidents during the first quarter of 2024, resulting in losses exceeding $824 million across 67 breaches.
However, a crucial observation made by Hacken highlights a concerning trend: these attacks primarily targeted prominent individuals and projects, suggesting a shift in bad actors’ focus towards high-profile targets.
Despite the surge in attacks, there’s a silver lining. Hacken also reported that over half of the stolen funds, nearly $444 million, were successfully recovered or frozen. This improved industry response is attributed to measures like bug bounty programs incentivizing the return of stolen funds and the intervention of ethical hackers, commonly known as white hats.
Also Read: Crypto Crime Slump! April Sees Record-Low $25.7 Million Lost in Hacks and Scams (Down 141%)
CertiK’s report, coupled with the successful recovery efforts, paints a promising picture for the future of cryptocurrency security. While vigilance remains paramount, the industry appears to be making strides in fortifying its defenses against malicious actors, potentially paving the way for a more secure and resilient digital asset ecosystem.
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