The total amount of bitcoin that was breached by hackers fell 67% in April to $60.2 million, indicating a major decrease in crypto attacks and the first dip of this kind since 2024. According to a May 1 X post by on-chain security company Peckshield, the drop of 67% is a dramatic decrease from the $187.6 million compromised in March, which is insignificant in contrast to the $360.8 million worth of compromised digital assets in April.
A grand total of $60.2 million was pilfered each month from forty distinct hacking instances.One of the biggest problems affecting public adoption and confidence in cryptocurrencies has been the prevalence of exploits and hacks.The biggest occurrence of April was the $44.7 million attack on the token infrastructure platform Hedgey Finance.On April 19, the hackers took advantage of a weakness in Hedgey’s token claim contract on the Arbitrum Network.
According to FixedFloat’s April 2 X post, a vulnerability with a third-party service provider employed by the exchange resulted in $3 million worth of cryptocurrency being stolen from the Fixed Float cryptocurrency exchange in the second-largest hacking incident.
Cybercriminals gained $2.67 million in digital assets from the third-largest attack on Grand Base, and lost $1.6 million from the fourth-largest hack on Pike Finance.The $1.6 million attack was Pike Finance’s second hack in three days, following a $300,000 exploit on April 26. This added to investor fears.As per a May 1 X post by Pike Finance, the two assaults were caused by the same smart contract vulnerability that gave the attacker the ability to override the contract.
According to a May 1 report by cryptocurrency bounty platform Immunefi, the year-to-date (YTD) total value of hacks and rug pulls in the crypto field was over $401 million. This is a 25.1% decline from the same period in the previous year, when there were over $536 million worth of hacked money.Based on data from Immunefi, there were 21 incidences of fraud and hacking in April that cost $53 million. This is a 46% decrease from April 2023, when attackers took over $98 million in digital assets.
Hacks remained the main cause of losses, accounting for over 94.3% of the lost funds during the month.