Crypto Lost $100 Million to Attacks and Scams in April, Down from its $355 Million Settlement Last Year
Crypto Lost $100 Million to Attacks and Scams in April, Down from its $355 Million Settlement Last Year
The crypto industry lost $100 million to crypto attacks in April. Leading platforms like MEV Bots and Bitrue individually lost $20 million during the month.
On the other hand, last month’s record is significantly lower than its April 2022 settlement where scams and attacks to DeFi and crypto platforms hit $355 million.
The latest report from beincrypto reveals nearly $20 million worth of crypto funds lost to stolen flash loans while $9.4 million attributed to exit scams. Meanwhile, exploits occupied the biggest piece of the pie at $74.5 million.
In a related post published by CNBC, records show a total of $3.8 billion lost to crypto scammers and hackers in 2022. October 2022 contributed the highest at $775.7 million while hacks in March 2022 followed at $732.4 million. April 2022's $355 million is also well-ranked.
While the number this year at $100 million is lower than the $200 million of March 2022, analysts say the situation remains alarming as it involves high-profile names such as Bitrue.
MEV Bots lost $25.38 million in April while Bitrue followed at $22.03 million. GDAC reported a $13 million exploit, Hundred Finance at $7 million, Terraport at $4 million, and SushiSwap at $3.30 million.
Other players that declared more than $1 million worth of exploits are 0vix Protocol, Merlin DEX, and MEV bots, a cryptoslate article shows.
Due to the growing number of attacks, the industry is questioning the reliability of blockchain auditing platforms like CertiK which generally function as “assurance givers” to investors when deciding to put money on a project.
Year to date, the crypto industry has already lost $429.7 million to scams, hacks, and exploits, Cointelegraph confirms.
