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Blockchain News

Unmasking the Crypto Thieves: A Shocking $103 Million Stolen in April

According to the latest CertiK report, crypto theft and vulnerabilities grabbed center stage in April, leaving investors reeling from the stunning $103.7 million in assets lost to thieves. 

The month was highlighted by a surge of security breaches and fraudulent activity, totaling a $430 million loss year to date. 

As the crypto industry continues to face increasing security threats, experts warn that vigilance and caution are more important than ever. Despite attempts to improve security, the crypto sector had a difficult month in April, with increased flash loan assaults, exit scams, and other types of crypto theft. According to CertiK, the total sum lost as a result of these security breaches totaled $75 million, accounting for about half of the $145 million lost in the first four months of 2021.

Yearn Finance, for example, experienced a $20 million loss on April 13 as a result of a hacker attacking an obsolete smart contract. Meanwhile, the month saw several high-profile exploits, including a $25.4 million loss caused by the compromise of multiple MEV trading bots on April 3. 

Furthermore, the Bitrue exchange was the victim of a $22 million hot wallet exploit, while the South Korean GDAC exchange was hacked and lost $13 million. The Ovix protocol, which is built on the Polygon blockchain, was the most recent victim of a flash loan assault, losing $2 million on April 28 as a result of the breach.

The current wave of cryptocurrency vulnerabilities and hacks is a sharp reminder of the hazards associated with investing in digital assets. These security breaches not only cause major financial losses for investors and businesses, but they also harm the crypto industry’s brand and trustworthiness. 

Regular security audits and risk assessments, according to Chinalysis, are one of the most effective strategies to avoid crypto vulnerabilities and breaches. Companies may detect and resolve any vulnerabilities before they are exploited by completing these analyses. 

Another strategy is to encourage more openness and responsibility within the cryptocurrency business. Companies may increase their collective defenses against malicious attacks by exchanging information and working on security best practices. 

Furthermore, regulatory bodies’ involvement can ensure that companies adhere to strict security standards and prevent bad actors from exploiting regulatory loopholes. While the risks of investing in cryptocurrencies cannot be eliminated entirely, taking proactive steps to improve security can reduce the likelihood of falling victim to crypto theft significantly.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.