Crypto Hacking Incidents See a 67% Reduction in April with $60M in Losses

April’s cryptocurrency landscape experienced a significant downturn in security breaches, with thefts amounting to $60.2 million—a 67% decrease from the previous month’s figures.

PeckShieldAlert reports that April 2024 witnessed a marked reduction in the frequency of crypto-related crimes, with this month recording the first major drop of the year. The decline from March’s $187.6 million to April’s $60.2 million represents a substantial decrease. Approximately 40 separate attacks were documented.

PeckShieldAlert reported that the crypto community faced around 40 hacking attempts in April 2024, culminating in a total loss of approximately $60.2 million. This is a noteworthy 67% reduction compared to the losses seen in March 2024.

#Top5 hacks included:#HedgeyFinance: approximately $47.35 million, with around $44 million worth of…

— PeckShieldAlert (@PeckShieldAlert) May 1, 2024

The most significant breach occurred at Hedgey Finance, a platform for token infrastructure. On April 19, cybercriminals exploited a flaw in the smart contract on the Arbitrum network to illicitly acquire Hedgey tokens, resulting in a theft of nearly $47 million.

The second major breach involved the Fix Float exchange, where hackers stole $3 million in cryptocurrencies due to a weakness in a third-party service provider associated with the exchange.

The third major theft targeted Grand Base, with the perpetrators making off with $2.67 million in digital currencies. The fourth significant breach affected Pike Finance, leading to a loss of $1.6 million.

Since the start of the year, the cryptocurrency sector has suffered over $401 million in hacks and fraudulent schemes, which is a 25.1% decrease from the same timeframe last year. During that period, losses exceeded $536 million, as reported by Immunefi.

In the month of April alone, hacking and fraud resulted in $53 million in losses across 21 incidents. This is a 46% reduction from April 2023, when cyber thieves made away with over $98 million in digital assets.

Sentiment: Positive