News View Non-AMP

Crypto Hacks & Breaches Hit Record Low in April 2024, But Vulnerabilities Remain

Published by
Nidhi Kolhapur

April 2024 was a certainly a ride and the crypto market faced its fair share of challenges. A total of 37 security breaches rocked the industry, resulting in a staggering loss of $90.81 million. From hacks in smart contracts to exit scams, the month shed light on the persisting vulnerabilities within the crypto world.

Certik Alerts, a leading web3 security firm, released their comprehensive April report, revealing the lowest loss figure since 2021. Despite the hefty $90.81 million loss, there was a significant 141% decrease in breaches compared to March, offering a glimmer of hope amidst the turmoil.

Breaking Down the Losses

Uncovering vulnerabilities, exploitations, hacks, and scams collectively accounted for $25.7 million in losses, marking the lowest figure since 2021. This underscores the ongoing battle against cyber threats in the crypto domain.

Exit Scams

Exit scams, once rampant, saw a decline in April, with stolen funds dwindling to approximately $4.3 million.

Smart Contract Vulnerabilities and DeFi Protocols

Smart contracts bore the brunt of the losses, totaling a staggering $21 million, showcasing the inherent vulnerabilities within decentralized finance (DeFi) protocols. While flash loans amounted to a modest $129,000 in losses, they still highlighted areas of vulnerability.

Key Incidents & Notable Breaches

Delving deeper, several notable breaches unfolded in April:

  1. OpenLeverage Attack

On April 1, 2024, OpenLeverage was attacked resulting in losses of $260,000. The protocol guaranteed the users that payment would be done using insurance pools and reserve funds.

  1. FixedFloat Exploitation

The FixedFloat exchange suffered a $3 million hacker incident on April 2nd, 2024, underscoring the dangers of third-party dependencies in decentralized exchanges.

  1. CondomSOL Exit Scam

CondomSOL orchestrated a flash crash on April 4th, 2024, gathering $920,000 before vanishing from Twitter, leaving investors in a state of panic.

  1. Zest Protocol Breach

On April 12th, 2024, Zest Protocol experienced an attack, resulting in the removal of $1 million, with promises of reimbursement hanging in the balance.

  1. Hedgey Finance Hack

Contract weaknesses proved costly for Hedgey Finance on April 19th, 2024, bleeding out a staggering $47.7 million.

  1. ZKasino Suspicion

Suspicions swirled around ZKasino, with reports hinting at a possible exit scam, resulting in $33 million in losses.

  1. Pike Finance Incident

Pike Finance’s USDC pool of Pike Beta was hacked on April 26, 2024, which resulted in the transfer of $300,000 due to the modification of the CCTP messages.

Understanding Loss Patterns

Smart contract vulnerabilities claimed nearly 51% of losses, followed by exit scams at 40.54%, totaling $37.57 million. Contract errors, responsible for 10 events, cost a hefty $46.93 million, highlighting the critical need for rigorous auditing practices.

A Tricky Terrain

As investors and users traverse the crypto landscape, conducting thorough research and fortifying security measures remains paramount. While April’s downturn offers a glimmer of hope, the question remains: Will this trend persist?

Also Check Out : Crypto Hack Report Q1 2024: Trends, Losses, and Recovery Efforts

Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

Recent Posts

NVIDIA Excludes Crypto Companies from Inception Program

NVIDIA has clarified that cryptocurrency-related companies are not eligible for its Inception accelerator program. The…

April 24, 2025

Crypto Scam Losses Soar 66% in 2024, Says FBI Report

Crypto scams are getting worse in the U.S. A new report by the FBI’s Internet…

April 24, 2025

Top 5 Altcoins to Buy Now Before the Crypto Bull Run Hits Its Peak

As the crypto market shows clear signs of recovery, optimism is returning to the scene.…

April 24, 2025

Ripple’s XRP Outpaces Bitcoin and Dogecoin to Lead India’s Crypto Market in Q1 2025

India’s crypto scene is buzzing in 2025, and one name is getting extra attention —…

April 24, 2025

Crypto News: KuCoin Thailand Officially Launches as SEC-Approved Crypto Exchange

KuCoin has officially launched its local crypto exchange in Thailand, now known as KuCoin Thailand,…

April 24, 2025

Investors Still Skeptical About the BTC Price Rally-—Is This a Calm Before the Storm or a Reversal Incoming?

Bitcoin price has been displaying massive volatility since the start of the year. Despite a…

April 24, 2025