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Fewer key compromises and exit scams are pointed as the reasons behind the record fall.
Crypto protocols witnessed $25.7 million in losses across three major incidents in April, reaching a record low since 2021. Blockchain security firm CertiK highlights that this is a 141% decrease from March’s figures.
The reduction in losses is due to the fall in private key compromise incidents, which plummeted from eleven in March to just three in April, CertiK underscored.
The largest exploit in April involved FixedFloat, with suspicious withdrawals totaling approximately $3 million across multiple chains. FixedFloat acknowledged this as their second exploit by the same attackers since February.
Meanwhile, exit scams also saw a downturn, with the most notable being CondomSol’s pre-sale scam on the Solana network, leading to losses of around $933,000. In total, April experienced 13 exit scams, a 40% reduction from the previous month.
Flash loan attacks in April resulted in the lowest monthly losses since February 2022, with four incidents totaling $129,086. The largest of these accounted for $55,000. Combining all incidents, April’s losses amounted to approximately $25.7 million, the lowest on record since 2021.
However, the brief CertiK report on April losses does not account for the ZKasino controversy. ZKasino’s co-founders allegedly performed an exit scam on April 25, by swapping nearly $33 million worth of Ether (ETH) for their native token ZKAS. The funds were locked on the gambling platform bridge, as users tried to be eligible for ZKAS airdrop.
CertiK published that a more in-depth analysis will be provided as more information about this episode emerges.
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