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Cryptosphere Loses Over $100 Million to Fraud and Hacks in April

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ByMarcel Bich

Jun 26, 2023
Cryptosphere's April losses: $100M+ scams
Marcel Bich
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A study by the security and audit company CertiK found that fraud and exploits in the cryptocurrency sector cost the sector $103 million in losses.

Attackers Got Half as Much

The Decentralized Finance Industry (DeFi) suffered losses of $103.7 million in January and $429.7 million overall since the year’s commencement.

Meanwhile, the cryptocurrency sector lost more than $211 million a month earlier, which is a loss of twice as much. When it came to losses, the Euler Finance lending procedure led the pack. Before the hacker could get back the stolen money, the corporation suffered a loss of more than $195 million. The SafeMoon incident, which resulted in a loss of $8.7 million, came in second.

Trading Bots Bring Losses

A number of MEV trading bots were exploited in April, resulting in the theft of $25.4 million. The hot wallet of the Singaporean cryptocurrency exchange Bitrue was breached, resulting in the loss of an additional $22 million. 5% of the exchange’s total money was in the compromised wallet. There were other storage units for Shiba Inu (SHIB), Quant (QNT), Gala GALA, Holo (HOT), and Polygon (MATIC).

Additionally, the hack cost the South Korean cryptocurrency exchange Gdac $13 million. Attackers moved crypto worth roughly $13 million, or 23% of all assets held, from the Gdac hot wallet to an arbitrary address during the attack. Fraudsters took 220,000 USDT, 10 million Wemix tokens (WEMIX), 350.5 ether (ETH), 61 Bitcoins (BTC), and 350.5 ether (ETH).

Crypto and DeFi-exploit losses for the month were $74.5 million, or over half of the $145 million total, based on CertiK report.

Additionally, in April, attacks on quick loan services cost the DeFi-sphere $20 million. The worst-hit firm was Yearn Finance. Because one of the tokenized stablecoins was misconfigured, the protocol suffered financial loss. 

It was stated by CertiK that the fraud cost an additional $9.7 million in losses. The biggest loss was $2.7 million sustained by Merlin, a decentralized crypto exchange (DEX), whose users. Although they did not provide further details, platform representatives confirmed the hack. The crypto community believes that the attack may have been carried out by actual Merlin personnel.

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Marcel Bich

Marcel ‘s passion for the world of cryptocurrencies and his comprehensive knowledge of blockchain technology make him an invaluable asset to our team. He stays updated on the latest trends, regulations, and emerging technologies in the crypto space, ensuring that our audience receives accurate and up-to-date information.