The collective value of cryptocurrency compromised by hacking plummeted 67% in April to $60.2 million, marking a notable reduction in crypto attacks, representing the first significant decline in 2024.
The fall of 67% marks a sharp decline from the $187.6 million hacked in March, and it pales in comparison to the $360.8 million worth of hacked digital assets in February, according to a May 1 X post by on-chain security firm Peckshield.
The monthly total of $60.2 million was stolen from 40 individual hacking incidents. Hacks and exploits have been among the main issues plaguing trust in cryptocurrencies along with mainstream adoption.
The $44.7 million hack on Hedgey Finance, a token infrastructure platform, represented the largest incident in April. The hackers exploited a vulnerability in Hedgey’s token claim contract on the Arbitrum Network on April 19.
The second-largest hacking incident saw $3 million worth of crypto stolen from the Fixed Float crypto exchange due to a vulnerability with a third-party service provider used by the exchange, according to FixedFloat’s April 2 X post.
The third-largest attack, on Grand Base, netted hackers $2.67 million worth of digital assets, while the fourth-largest hack, on Pike Finance, resulted in a loss of $1.6 million worth of funds.
Fueling investor concerns, the $1.6 million attack was the second hack suffered by Pike Finance within three days, after a $300,000 exploit on April 26.
The two attacks stemmed from the same smart contract vulnerability, which allowed the attacker to override the contract, according to a May 1 X post by Pike Finance.
Related: Lazarus Group laundered over $200M in hacked crypto since 2020
Crypto hacks down over 25% year-to-date compared to 2023
The crypto space saw a total of over $401 million worth of hacks and rug pulls in 2024 year-to-date (YTD), which represents a 25.1% decrease compared to the same period last year, which saw over $536 million worth of hacked funds, according to a May 1 report by crypto bounty platform Immunefi.
According to Immunefi’s figures, $53 million was lost to hacks and fraud across 21 incidents in April, representing a 46% decrease from April 2023, when attackers stole over $98 million worth of digital assets.
Hacks remained the main cause of losses, accounting for over 94.3% of the lost funds during the month.
Related: EigenLayer sees over 12,000 queued withdrawals — How far will TVL fall?
