The cryptocurrency sector is currently experiencing a decline in compromised currencies due to hacking incidents in April, indicating a possible shift in the continuous wave of cyber attacks in the field. In April, crypto hacking attacks saw a significant decrease in their collective value, dropping by 67% to $60.2 million. This marks the first significant decline in such attacks this year.
The noticeable 67.3% decrease in the number of hacked crypto assets is a stark contrast to the $187.6 million reported in March and $360.8 million in April. In April, a total of $60.2 million was stolen in 40 hacking incidents, showcasing an interesting downward trend.
Despite the positive decrease in fiscal deficit figures, there were still notable events in the month. On April 1st, Hedgey Finance fell victim to an attack, resulting in the theft of $44.7 million in the largest hack of the month. Hackers exploited a vulnerability in the Hedgey contract, claiming tokens on the Arbitrum Periphery Mainnet on April 19.
In another major heist, hackers stole $3 million worth of crypto from the Fixed Float crypto exchange, taking advantage of a vulnerability in a third-party service provider. The hacking incidents involving Grandbase and Pike were also significant, with losses of $2.67 million and $1.6 million, respectively.
While April brought some positive news, the cryptocurrency space has witnessed over $401 million in hacks and scams since the beginning of 2024, according to a report by cybersecurity platform Immunefi. In April alone, $53.64 million was lost to hacking and fraud across 21 reported events, compared to the $98.32 million stolen in April 2023, representing a 46% decrease.
Although the decline in hacking cases may provide some relief for investors, the security of the industry and investor confidence remain major concerns. Continuous efforts to enhance cybersecurity measures, identify vulnerabilities, and address them are necessary to build confidence and encourage the mainstream adoption of digital assets.
