Crypto hacks drop to 67% in April

The cryptocurrency space is witnessing a certain stoop down in the cases of compromised currencies due to hacking incidents in April, which may denote a shift in the relentless wave of cyber attacks in the field. April saw the impressive performance of the crypto hacking attacks, which displayed a 67% reduction in their collective value down to $60.2 million, which shows the first significant drawdown in this year.

Hacks trends and industry concerns

The eye-catching 67.3% drop in the number of hacked crypto assets stands out compared with more than $187.6 million in March and $360.8 million in April. In April, $60.2 million was stolen in a collective 40 hacking incidents. This is an interesting decrease in the trend.

67.3% drop in the number of hacked crypto assets, Source: PeckShield

Although fiscal deficit figures are a good sign, there are also some significant events in the month. Hedgey Finance was, on April 1st, attacked, and a sum of $44.7 million was stolen in the largest hack of the month. Hackers infiltrated a vulnerability in the Hedgey contract where tokens were claimed on the Arbitrum Periphery Mainnet, on April 19.

In the second major heist hackers stole $3 million worth of crypto from the Fixed Float crypto exchange, which was a result of the vulnerability with one third-party service provider. The hacking of Grandbase and Pike were also significant cases, as they both lost $2.67 and $1.6 million after the hack.

Notable incidents and vulnerabilities exploited

Undoubtedly April was the month of good news. However, over $401 million worth of hacks and scams have been witnessed on the crypto space since the beginning of 2024, according to the Immunefi report, which is a cybersecurity platform for cryptocurrency bounties. 

Immunefi’s figures highlight that $53.64 million was lost to hacking and fraud accumulated throughout the reported 21 events in April, contrarily to April 2023, when digital assets worth $98.32 million were stolen. This represents a 46% decrease.

Although the drop in hacking cases may cheer investors who were previously scared away, the security of the industry and investors’ confidence continue to be major concerns. Ongoing efforts to enhance cybersecurity measures, identify weaknesses, and address them are sought to build confidence and make people shift to digital assets mainstream flow.