Crypto Losses Spike 1,100% in April with 5th-Largest-Ever Hack: CertiK
April was a catastrophic month for the cryptocurrency industry, with losses skyrocketing by a staggering 1,163% to reach $364 million. According to blockchain security firm CertiK, the recent surge in crypto losses is attributed to a massive Bitcoin phishing scam that saw nearly $331 million worth of Bitcoin stolen.
The attack, which involved an elderly US individual's wallet being compromised using advanced social engineering tactics, resulted in the theft of 3,520 Bitcoin, valued at $330.7 million. This devastating loss not only ranks as the fifth-largest-ever hack but also pushed crypto losses to unprecedented heights.
A 1,100% Spike in Crypto Losses
In March, crypto losses were a mere $29 million. However, with the recent Bitcoin phishing scam and other exploits, losses skyrocketed by an astonishing 1,100%. This alarming trend highlights the ever-present threat of cyberattacks on the cryptocurrency market.
Breakdown of Crypto Losses in April
CertiK reported that phishing scams were the primary cause of crypto losses in April, with social engineering, access control hacks, and price manipulation exploits rounding out the top four types of attacks. The firm also noted that white hat exploiters had returned around $18.2 million from exploits on the crypto protocols KiloEx, Loopscale, and ZKsync.
Major Exploits and Hacks
Other notable exploits and hacks include:
- A $7.5 million exploit on Decentralized exchange KiloEx, which saw the platform suspend operations before the exploiter returned all stolen funds four days later.
- A security incident involving the ZKsync Association's airdrop distribution contract, resulting in $5 million worth of stolen tokens being recovered.
- A major exploit on DeFi protocol Loopscale, which saw manipulating its RateX PT token pricing functions lead to the theft of $5.7 million in USDC and 1,200 Solana (SOL).
February Accounts for the Most Significant Number of Crypto Losses So Far This Year
Febuary has seen the most significant number of crypto losses so far this year, with $1.53 billion lost to exploits and hacks. The majority of that amount was attributed to the $1.4 billion Bybit hack by North Korea's Lazarus Group, which also holds the record for the largest crypto hack ever.
Crypto Losses Decline in Final Days of 2024
Losses to crypto scams, exploits, and hacks have been declining in the final days of 2024. December registered the smallest amount stolen at $28.6 million, compared to $63.8 million in November and $115.8 million in October.
The Future of Crypto Security
As crypto losses continue to rise, it's essential for investors and users to prioritize their security measures. With the ever-evolving threat landscape, it's crucial to stay vigilant and take proactive steps to protect your assets.