$100M Worth of Crypto Stolen in April Due to Hacks and Exploits: Report

Crypto attacks in April exceeded $100 million, with DeFi platforms being the primary target. According to CertiK, a blockchain security company, hackers, and scammers managed to steal $103.6 million through various means like exploits, hacks, and exit scams.

Flash loans were one of the most commonly used attack methods, resulting in a loss of $19.9 million. Exit scams cost victims $9.4 million, while exploits resulted in the most significant losses, with $74.5 million stolen this way.

The biggest attack was on MEV Bots, which suffered $25.3 million in losses due to an exploit. Bitrue and GDAC were the next two hardest hit, losing $22 million and $13 million, respectively.

The attacks indicate that DeFi platforms have a lot of work to do to protect their investors. These attacks, which have already resulted in tens of millions of dollars in losses each month, suggest that 2023 could match the losses of 2022.

While rug pulls remain an issue, most of the attacks that have occurred this year were due to exploits of protocol logic. Euler Finance and Sentiment Finance were two of the most notable attacks in 2023.

Euler Finance lost $197 million in March, while Sentiment Finance lost close to $1 million due to a reentrancy attack. However, the teams were able to recover most of the stolen funds by negotiating with the hackers.