April 2024 recorded the lowest amount lost to hack.

[jrrsparkles]

April saw record-low crypto losses from hacks and scams, according to an April 30 report from blockchain security platform Certik seen by Cointelegraph. Only $25.7 million was lost in attacks over the course of the month, the lowest amount since CertiK started keeping track of this data in 2021.

According to the report, losses from hacks, exploits and scams were down 141% over the previous month. The decline is mostly due to the lack of private key compromises. In March, there were 11 attacks against protocols via private key compromises, whereas in April, there were only three.

April sees $25M in exploits and scams, marking historic low ― CertiK


25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

[South Park]

April saw record-low crypto losses from hacks and scams, according to an April 30 report from blockchain security platform Certik seen by Cointelegraph. Only $25.7 million was lost in attacks over the course of the month, the lowest amount since CertiK started keeping track of this data in 2021.

According to the report, losses from hacks, exploits and scams were down 141% over the previous month. The decline is mostly due to the lack of private key compromises. In March, there were 11 attacks against protocols via private key compromises, whereas in April, there were only three.

April sees $25M in exploits and scams, marking historic low ― CertiK


25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

I do not know but this is good news, people getting scammed will be impossible to completely eradicate as we are all subject to make mistakes, so getting hacked and losing your coins could in theory happen to anyone, but if this is a sign that people are taking their security more seriously then this is a step in the right direction, as this will mean that more people will be willing to keep their coins on their own wallets and avoid relying on exchanges to do this for them.

[jrrsparkles]

this will mean that more people will be willing to keep their coins on their own wallets and avoid relying on exchanges to do this for them.

I consider the exploits are hacks of exchanges or any crypto custodian service platforms which means still it's dominating over 80% that could be avoided if they simply choose to hold their cryptos in their wallets. But as you said the community is moving in the right direction especially when we are in the bull season the numbers are expected to increase but it decreased which is good sign.

[Orpichukwu]

This is probably good news, showing that people are taking their security very seriously and not falling into the hands of those scammers. Starting from last year till date, there has been a lot of documentation and warnings in the crypto space on how they can go about protecting their wallets, and all of that, which I believe most people consider helpful tips. 
 
It's a gradual process, but one thing is for sure: the numbers will only reduce, but the crypto exploit won't just stop like that. There are still a lot of lazy people who will play right into the hands of these hackers and get their funds stolen.

[Stalker22]

25 million bucks is serious money for most folks, but compared to some of those crazy losses in crypto's wild west days, it seems pretty small potatoes and  i think people have gotten a lot smarter about avoiding scams. 

Could be a sign crypto land is finally growing up some.  When people take charge of their own security instead of flailing around, they dont get taken for as many rides.  Still tons more maturing to do! But drops in scam money - Ill take it as a good start.

[btc78]

25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

You could say that yes. You would expect that since more people are now into crypto and not to mention we just had the halving event that scams and hacks would be a lot higher. But I guess time has let us develop much more sophisticated technology that allows for a much stricter security.

Since it is also easier now to get some knowledge about crypto, maybe people are much well-aware and are more suspicious of things compared to back then when everything was still relatively new and people didn’t know yet what was real or what was not. I can’t wait to see what we could come up with in a few years time.

[Tipstar]

This is a good news. Crypto, exchanges, blockchains, smart contract, defis, they are still in rudimentary developing phase and decrease in number and amount of hacks do mean we are on a high ground of development. It means we are approaching a situation where people would start believing Crypto is not a scam but a financial and technological tool. Hacks and Patches are ever going task but being able to get rid of the easier loopholes would make the market much safer and trustworthy.

[kotajikikox]

25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

It’s definitely the product of recent developments. This is such a good news to the crypto community of course because this means more investors managed to keep their safe at such crucial times and at the same time this promotes confidence and trust.

We can finally beat the idea that crypto is nothing but a scam ideology that the general public has. Hopefully this will cause a surge of more investors in the market.

[Volimack]

It is becoming very good news for crypto as people will be able to maintain their security easily which will further increase the demand of crypto. People are becoming more aware about hackers with the advancement of technology. Most people are anticipating the market by doing well research which makes it less vulnerable to hackers and 2024 recorded the lowest rate of hacking. It will reach further improvements in the future.

[God bless u]

April saw record-low crypto losses from hacks and scams, according to an April 30 report from blockchain security platform Certik seen by Cointelegraph. Only $25.7 million was lost in attacks over the course of the month, the lowest amount since CertiK started keeping track of this data in 2021.

According to the report, losses from hacks, exploits and scams were down 141% over the previous month. The decline is mostly due to the lack of private key compromises. In March, there were 11 attacks against protocols via private key compromises, whereas in April, there were only three.

April sees $25M in exploits and scams, marking historic low ― CertiK


25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

I think it's a great initiative. There should be much more in the market so that people can get confidence in their investments in crypto sector. Scams are too much spread nowadays and many people are getting pissed of due to that.

These kind of initiative should be funded by big investors as well as crypto promoting organisation so that reduce in scams will automatically lead to more confident crypto users. The higher the investments the more profit everyone will make.

[AVE5]

I don't know how this CERTIK has been managing to keep such scamming records on track, I'm still wondering how possible it could dictate all of that because Cryptocurrencies for exchange, payment or otherwise is a P2P transaction system which holders identifies remains anonymously.
So I'm certained that it's not every victims who had been scammed of their assets that come out to blow it hot in the airing to drag others or the authorities know that they were scammed.
Some got scammed, didn't panic and found a way to move on, some got scammed and never realized it was a scam maybe due to their lower knowledge of Crypto spheres while some are scammed and took extended effects on other to recover to their assets or brining the scammer to book for judgement.

So I don't know the technical factors that this CERTIK has got to have this total sun of scammed datas because it I didn't let anyone know that my fund was moved out from my wallet without my consent then I don't think if anyone would ever know that it was a wrong transaction to be a scam but if according to possible technicalities such techniques is possible, then it's a good development and great that the rate of scammed as data revealed is being getting on limits, we hope more degree of limitations will be accounted as time goes.

[Kelward]

This is a good news for the crypto community, it'll gradually reduce the stigma that people have about the crypto space that it's full of hacks and scams, hopefully the figure will continue to decrease and will have a safer crypto space. People are fast becoming more aware of the activities of these hackers and they're becoming more security conscious on how to protect their cryptos, there's massive awareness in every crypto communities on how to guide against scams and hacks. Finally, the best place to secure your crypto coins is in a none custodial wallet, where only you have the keys, we shouldn't leave our coins in an exchange, because if it's not your keys it's not your coins.

[DeathAngel]

That’s really good but every hack that people lose funds is one too many. I guess as time goes on, after the likes of Gox very early on & more recently Celsius, FTX etc, people are becoming more savvy with their security practises & self custodial choices. Hopefully less & less people lose money online by being attacked by scammers & thieves.

[pinggoki]

I don't know if this is because people have learned or there's a big crackdown in hackers or something like that but it's a welcome that this is the case, I guess we would see less and less innocent people getting affected by these hacks. I do hope though that coupled with this good news, we see the people that became victims of this attack get the reparations and justice that they deserve, there's no way that it's going to be fair for everyone that they're going to be set aside. I guess we just have to hope for more things and that we should continue preaching vigilance to the crypto community so newbies won't become a victim.

[coin-investor]

25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

We should be improving and people should be more aware of hacking and scamming, we should never stop improving our security because scammers and hackers never stop to device a scheme to scam and hack people.

I hope the number will go down next month until it comes to the point that it's not alarming anymore, the worst kind of hacking is when an exchange is hacked or a project does a rug pull because it not only costs a lot of money but it cost people to lose confidence to invest or trade.

[Husires]

The statistics are even greater than that. In another article, it talks about the theft of $60.2 million in April per unit and over $401 million worth of hacks and rug withdrawals in 2024 year-to-date (YTD), but the article also indicates a decrease of 25.1% compared to the previous year.




https://cointelegraph.com/news/crypto-hacks-april-fall-67-60-million

Which of these estimates is correct or closest to the truth?

[makishart]

25.7 Mil is still huge but considering where we were in the past the number reduced drastically, is this due to the people are more aware of crypto scams and avoiding hacks by tightening the security measures?

It's considerably big but i totally agree with your statement if people are getting aware about how to avoid the scam protocol. As you can see that some platforms with tons of users like metamask has released the feature to indicated whether that was a scam or legit website. This is really helping a lot of people in avoiding the scam protocol.

We are also rarely seeing exploits hack happened to the crypto platforms. It seemed to me that if the developers are just getting aware about improving the security of their platforms and did regular audit to their code.

[doomloop]

It is becoming very good news for crypto as people will be able to maintain their security easily which will further increase the demand of crypto. People are becoming more aware about hackers with the advancement of technology. Most people are anticipating the market by doing well research which makes it less vulnerable to hackers and 2024 recorded the lowest rate of hacking. It will reach further improvements in the future.

Yes, they need to maintain the security practices they are making despite of this positive news because it's always better to be preventive than be confident and careless this time because hackers can also bounce back.

It's not only because of the advancement of technology that made people aware about the hackers but it's also because of the information that are now well spread because cryptos are now popular and it's possible because it's now accepted by the majority. By there, it is true that things ' might ' only improve. I say 'might' because like I said earlier, hackers can bounce back with another method but that is only short-living.

[Bureau]

Which of these estimates is correct or closest to the truth?

A lot of scams and hacks don't get reported unless those who have lost start reporting it. These are only estimates and no one can be 100 percent sure about thier statistics. I still believe a lot of these scams and hacks could have been prevented if everyone follows strict principal of following the basic element and that is not your key not your coins and not being greedy.

[jrrsparkles]

Just an update

Crypto losses from fraud and hacks declined 12% in May — Immunefi

The decline in crypto scams and frauds continued, with only $52 million lost in May compared to $59 million the previous year.

Crypto losses from fraud and hacks declined by 12% year-over-year, according to a May 30 report from blockchain security firm Immunefi. A total of $52 million was lost over the course of the month, down from over $59 million in the same month last year. In addition, the figure represents a 28% decline compared to the amount lost in April.

The report illustrates a continuing trend of declining losses from hacks and fraud in the Web3 industry. In March, Immunefi released a report stating that losses in Q1 2024 declined by 23% over the previous year. In April, CertiK reported that the month had seen its lowest losses ever.

Just to point that this isn't the lowest compared to previous month but this is definitely lower than the previous years of relevant month which may not look that important but just another reason to think that scams are declining even when the prices of cryptocurrency increased a lot in the period that we are comparing.