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What the numbers say: The data compiled by the crypto security firm CertiK has revealed that crypto-related scams, hacks, and exploits caused a $103.7M loss in April. The figure brought the stolen amount since the beginning of the year to $429.7M. The exploits in several MEV trading bots, the hot wallet exploit at the Bitrue exchange, and the hack at the South Korean exchange GDAC became the top three incidents in April, accounting for more than half of the total value stolen last month. De.Fi's data also recorded more than 50 crypto exploits, scams, hacks, and rug pulls in April, with a large portion coming from memecoin rug pulls. Relevance: The crypto-related attacks have shown a significant increase over the last several years. Blockchain analysis firm Chainalysis recently reported that crypto hacking broke a record in 2022, with the total stolen amount reaching $3.8B. October, March, and November, respectively, became the top three months that witnessed the highest amounts of stolen funds. April displayed a relatively safe performance this year with a $103.7M loss, around one-third of $355.5M stolen within the same month of last year. Brands that should care: The increase in crypto-related scams and attacks is expected to force both centralized exchanges like Binance and Coinbase and decentralized exchanges (DEX) such as Uniswap and 1inch to make moves toward improving cybersecurity in their platforms. Governments and state-level regulators worldwide also had to tighten their requirements regarding cybersecurity to ensure consumer protection due to the sudden jump in losses last year. |
