The crypto market witnessed nearly 40 hacks in April with losses slashed by 67.9% from March.
More than $791 million has been siphoned away by hacks since the start of 2024.
51.7% of losses were due to contract vulnerabilities, while 41.4% were from exit scams.
Losses stemming from hacks in the crypto sector fell by 67.9% in April to $60.2 million, compared to March 2024, as reported by blockchain security firm PeckShield Alert.
According to the report, over 40 hacking incidents drained this sum across multiple protocols within the on-chain ecosystem. While this is significantly lower than the previous months. In March, nearly a total of $187.67 million worth of crypto was exploited, and February recorded $360.83 million, the maximum exploit so far in 2024. Overall, $791 million worth of crypto were lost via these multiple hacks in Q1 2024.
Losses in Crypto Hacks in Q1 2024 (Source: PeckShield )
PeckShield highlights 5 protocols that have been top victims of exploits and hacks in April. Firstly, the token infrastructure platform Hedgey Finance was drained of $47.35 million via two attacks, constituting the dominant 78.6% portion of losses this month. Secondly, crypto exchange Fixed Float recorded losses worth $3 million.
Thirdly, $2.67 million was drained from the base-based RWA protocol Grand Base. Notably, cross-chain lending protocol Pike Finance lost $1.7 million after being targeted twice by hackers. Lastly, X Bridge and Zest Protocol were subject to a loss of $1 million each.