Breaking: Over $100M Lost to Crypto Exploits in April

May 1, 2023

MCP News Free

Breaking: Over $100M Lost to Crypto Exploits in April

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Key Points

April exploits accounted for roughly half of the total exploits in 2023
There were over 50 crypto scams, rug pulls, and exploits in April alone

GM, welcome to MyCryptoParadise, where we curate the best news in the crypto world for you. We are here with a new one for you today, which is good news for hackers and bad news for crypto firms.

No month has been terrible like April for crypto projects in 2023, as roughly $103 million in crypto was stolen from crypto projects in the month alone; this, however, amounted to about half of the total crypto exploits in 2023.

Crypto Exploits on the Rise

According to Certik, a leading security platform that monitors Defi projects and blockchain protocols, hackers have grown cheeks from milking crypto projects in April more than they ever had in 2023.

As per Certik, MEV Bots, Bitrue, GDAC, Terraport, and SushiSwap are the leading victims of the April crypto exploits.

#CertiKSkynetAlert ????

Combining all the incidents in April we’ve confirmed ~$103.6M lost to exploits, hacks, and scams.

Exit scams were ~$9.3M.

Flash loans were ~$19.8M.

See the details below ???? pic.twitter.com/jflvMPiJGQ
— CertiK Alert (@CertiKAlert) April 30, 2023

Defi exploits in April alone ($74 million) amounted to about 50% of the total 2023 exploits ($145 million); furthermore, $20 million was stolen from the flash loan exploits in the same month.

Also, in the same April, the Exit scams amounted to $9.4 million, and out of the $9.4 million, Melin DEX accounted for $2.7 million.

The latest of all exploits is the April 28 Polygon-based Ovix protocol that saw the protocol losing $2 million to hackers.

With the continuous rise in crypto exploits, there is a need for blockchain firms to up their security unless they’ll lose more than they can recover if they fail to do so.

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