Crypto attacks have increased significantly in April, with over $100 million lost due to hacks, exploits, and scams. According to a report by CertiK, DeFi was the primary target of these attacks.
The report revealed that exploits resulted in the most losses, with $74.5 million stolen, while flash loans accounted for $19.9 million.
Exit scams drained victims of $9.4 million. The MEV Bots suffered the largest attack, losing $25.3 million. Bitrue and GDAC followed with $22 million and $13 million, respectively.
These attacks highlight the need for more robust security measures to protect investors in the growing DeFi market. 2023 looks set to match 2022 in terms of losses, which underscores the need for teams to implement more robust protocols to protect investors’ funds.
Despite these attacks, many protocols have managed to recover stolen funds through negotiations with the hackers. Euler Finance lost $197 million in March, but the team managed to recover the funds after negotiations.
Sentiment Finance lost close to $1 million, but the platform recovered 90% of the funds after a reentrancy attack.
