May 01, 2023

$103M Lost to Crypto Exploits in April

Cryptocurrency-related crimes have been on the rise in April, with a total of $103.7 million of funds stolen from crypto projects and investors in the month, according to a report from blockchain security firm CertiK.

The report stated that the month was particularly marred with major crypto exploits, such as $25.4 million lost due to an exploit of several MEV trading bots on April 3, $22 million stolen in a hot wallet exploit at the Bitrue exchange, and the hack of South Korean GDAC exchange leading to a loss of $13 million.

The total lost to crypto and DeFi exploits in the month amounted to $74.5 million, making up around half of the total $145 million exploited in the first four months of the year.

April also saw around $20 million lost to flash loan attacks, led mainly by Yearn Finance after a hacker exploited an old smart contract on April 13. In addition, the month saw around $9.4 million lost to exit scams, with the top exit scam for the month being Merlin DEX which lost $2.7 million.

De.Fi’s Rekt Database reported that there were over 50 crypto exploits, scams, hacks, and rug pulls in April, with a large portion of them being memecoin rug pulls. The most recent was the Polygon-based Ovix protocol which lost $2 million in a flash loan attack on April 28.

The rise of crypto-related crime has prompted the need for better security measures to protect investors and projects. NFTs (non-fungible tokens) and web3 projects are particularly vulnerable to attack, as they are still relatively new and lack the same security measures as more established projects.

In order to protect projects and investors, many companies are turning to NFT marketing and web3 agencies to help promote their projects and increase awareness of their security measures. NFT marketing agencies can help promote projects by creating engaging content, running campaigns on social media, and providing advice on the best strategies for selling NFTs.

Web3 agencies can help projects implement better security measures, such as multi-signature wallets and smart contract audits. They can also provide advice on how to handle crypto hacks, flash loans, and other exploits, as well as help projects build strong and secure communities.

By working with NFT marketing and web3 agencies, projects can ensure that their projects are secure, and that their investors and users are well informed about the risks associated with investing in crypto.

Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.