CertiK finds out crypto hacks and exploits hit lowest since 2021

The crypto security firm has recorded a decrease in the damages suffered by companies as a result of cybersecurity incidents, exploits and scams

According to the company, only $25.7 million had been lost to cybersecurity incidents in April, which is the lowest since 2021. CertiK believes that losses due to such exploits decreased by 141% since March as well, a trend that could be explained with the shifting focus for cyber criminals who are engaging with social engineering to obtain what they want.

Hacks proved to be the biggest issue for companies, with $21 million lost in April in DeFi attacks. FixedFloat was among the biggest losers during the month of April. Then, there were exit scams, or a sort of a pyramid scheme in which a project is launched and investors lured in.

Once the project is made out for what it is, the founders usually “pull the rug” and disappear with the funds. Some $4.3 million were lost to exit scams in April, CertiK said.

One of the most notable such move was ZKasino, which was not factored in CertiK’s report, but it continues to harrow investors who suspects that as much as $32 million worth of funds were lost when ZKasino’s team decided to take the platform’s holding and move them to another project without giving the community a fair warning about their intention.

ZKasino has since closed its Telegram group and no withdrawals have been allowed for players. CertiK remains fairly confident that consumers and cybersecurity experts are slowly getting the upper-hand over bad actors, but the process is still moving slowly, resulting in millions more worth of losses.

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Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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