Crypto Hacks and Scams on the Rise

blockchain.news:

Crypto security and auditing company CertiK reported a total loss of $103.7 million due to vulnerabilities, frauds, and hacks in the month of April. Because of this, the overall loss for the year amounts to 429.7 million dollars. The month was particularly marked by major hacks, including the theft of $22 million from a hot wallet exploit at the Bitrue exchange, which resulted in a loss of $22 million; the hack of South Korea's GDAC exchange, which resulted in a loss of $13 million; and the theft of $25.4 million due to an exploit of several MEV trading bots on April 3.

According to reports from CertiK, the overall losses incurred by crypto and DeFi exploits throughout the month amounted to $74.5 million. This is about half of the total $145 million that was exploited during the first four months of the year. assaults against flash loans were also common, resulting in losses of around $20 million. Yearn Finance was the primary victim of these assaults, which occurred when a hacker exploited an outdated smart contract on April 13.

In April, exit scams were another factor that contributed to the large amount of money lost, which was $9.4 million. The most successful exit scam for the month was perpetrated by Merlin DEX, which resulted in a loss of $2.7 million. Considering that the protocol had been audited by CertiK, which had previously warned about centralization problems, this was an especially worrying development. After the attack, Certik implemented a compensation plan, in which they demanded that the malicious developer pay back 80% of the stolen funds and offered a white hat bounty of 20% of the total amount.

In the month of April, the Rekt Database maintained by De.Fi documented over fifty crypto-related