Losses From Crypto Hacks Drop 67% To $60m In April

In April, crypto fraudsters stole $60.2 million, a 67% decrease from March.

According to PeckShieldAlert, April saw a noticeable decline in crypto attacks, marking the first significant decline in 2024. The 67% drop marks a sharp decline from $187.6 million. In total, the hackers carried out around 40 attacks.

The biggest incident in April was the hack of Hedgey Finance, a token infrastructure platform. On April 19, hackers took advantage of a vulnerability in the contract to receive Hedgey tokens on the Arbitrum network, stealing around $47 million.

The second largest hack was the theft of $3 million worth of cryptocurrency from the Fix Float exchange due to a vulnerability in a third-party service provider used by the platform.

The third-largest attack on Grand Base netted hackers $2.67 million in digital assets, while the fourth-largest attack on Pike Finance resulted in $1.6 million in lost funds.

In total, more than $401 million worth of hacks and rug pulls have been committed in the crypto space since the beginning of the year, a 25.1% decrease compared to the same period last year, when more than $536 million worth of hacks were discovered, according to Immunefi.

In April, $53 million was lost to hacking and fraud across 21 incidents, down 46% from April 2023, when cybercriminals stole more than $98 million in digital assets.