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Cryptocurrency scams hit an all-time low in April, plummeting 68%
Cryptocurrency-related exploits and scams plummeted 68% in April compared to last monthreaching an all-time low of $25.7 million, according to the blockchain security firm CertiK.
A detailed analysis of the incidents showed that the majority of losses, totaling $21 million, resulted from exploits targeting blockchain protocols. Additionally, users suffered $4.3 million in losses due to exit scams and schemes orchestrated by malicious founders, with flash loans contributing a nominal value of $129,000 to the overall figure.
Meanwhile, CertiK explained to CryptoSlate that the significant decrease in losses is due to the absence of private key compromises, which are typically responsible for substantial losses. Only three such incidents occurred in April, while 11 such incidents occurred in March.
Nonetheless, April did not entirely escape controversy. The focal point revolved around ZKasino, a decentralized gambling platform, which unilaterally moved Ethereum worth $33 million by its users in the liquid staking pool, Lido.
Only three exploits exceeded the million dollar mark.
CertiK said only three breaches surpassed the $1 million mark in April, indicating a degree of resilience within the ecosystem.
The most notable incident occurred at FixedFloat, a decentralized exchange, which right away a $2.8 million loss on April 1 due to an exploit Ethereumhot wallet based.
Notably, FixedFloat had previously suffered a violation in February, losing $26 million. The exchange confirmed that the April attack came from the same group.
In a separate incident, tokenization platform RWA Grandbase was the victim of a $2 million theft due to the leak of a private key. The perpetrator minted an excess supply of GB tokens, withdrew them and exchanged them for ETH.
Meanwhile, April saw 13 carpet launches, of which CondomSol was the most significant. He raised about $933,000 in a pre-sale and dumped it on investors.
FIX: Updated percent decrease from error in original data.