The total value of cryptocurrencies stolen in hacks fell by a significant 67% in April to $60.2 million, marking the first major decline in 2024.
According to data provided by blockchain security firm Peckshield on May 1, the decline represents a drop from $187.6 million in March to a four-month low of $60.2 million in April. This compares with a total of $360.8 million worth of digital assets stolen in hacks in April.
The $60.2 million monthly total was the result of 40 separate hacks. Hacks and exploits are one of the major issues affecting the cryptocurrency industry and its wider adoption.
The largest hack in April was a $44.7 million attack on Hedgey Finance, a token infrastructure platform. Hackers exploited a vulnerability in Hedgey’s token claim contract on the Arbitrum network on April 19.
According to an April 2 blog post by FixFloat, a second major hack saw $3 million worth of crypto stolen from cryptocurrency exchange FixedFloat due to a security flaw with a third-party service provider used by the exchange.
The third-largest attack saw hackers make away with $2.67 million in digital assets from Grand Base, while the fourth-largest hack on Pike Finance cost the protocol $1.6 million.
The $1.6 million attack was the second hack to hit Pike Finance in the space of three days, following a $300,000 exploit on April 26, raising concerns among investors. According to a May 1 post by Pike Finance, both attacks stemmed from the same smart contract vulnerability, which allowed an attacker to overwrite a contract.
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