Losses from crypto hacks fell 67% to $60 million in April

Buckle up crypto enthusiasts, because PeckShieldAlert has just announced a major drop in attacks on digital currencies. With a whopping 67% decrease from a staggering $187.6 million, April has proven to be a game-changing month for the crypto world. These malicious hackers have carried out approximately 40 attacks, but their reign of terror seems to be coming to an end.

April was rocked by a major event that sent shockwaves through the cryptocurrency world. The notorious hack of Hedgey Finance, a cutting-edge token infrastructure platform, made headlines as hackers exploited a flaw in the system.

On April 19, they swooped in and siphoned off a staggering $47 million worth of Hedgey tokens from the Arbitrum network. The heist left investors reeling and authorities scrambling to contain the damage.

The virtual world was shaken when hackers made off with a whopping $3 million in cryptocurrency from the Fix Float exchange. The cunning thieves exploited a weakness in a third-party service provider, leaving the once-secure platform vulnerable to their attack.

Not far behind was the third-largest hack on Grand Base, where cybercriminals walked away with a staggering $2.67 million in digital assets. And let’s not forget the fourth-largest attack on Pike Finance, where $1.6 million in funds vanished into thin air. These brazen acts of cybercrime serve as a stark reminder of the importance of robust security measures in the ever-evolving world of cryptocurrency.

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Unleashing chaos and destruction, the crypto world has fallen victim to over $401 million in cunning hacks and deceitful rug pulls since the dawn of the year. However, there is a glimmer of hope as the latest report from Immunefi reveals a 25.1% decline in these treacherous acts compared to the previous year’s staggering $536 million.

April saw a staggering loss of $53 million due to hacking and fraud, spread across 21 incidents. While this may seem like a large sum, it’s actually a 46% decrease from the chaos of April 2023, when cybercriminals ran rampant and made off with a whopping $98 million in digital assets. The battle against cybercrime continues, but it’s clear that our defenses are improving.

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