BTC

$57812.21

0.06%

ETH

$2933.604

1.48%

BNB

$550.471

0.30%

XRP

$0.513

4.61%

News

How Hackers Stole $93M From Crypto In April?

April 30, 2023 - Around 3 mins mins to read

Key Points:

  • Crypto exploiters stole $93.4M from 41 exploits on crypto projects in April.
  • Significant decline from March, but still higher than February.
  • In terms of value, the biggest exploit was the sandwich attack losing $25M from MEV bots.
Crypto exploiters have been ramping up their efforts, as they reportedly stole $93.4 million from 41 exploits on crypto projects recently.
How Hackers Stole 93M From Crypto In April

This translates to more than one exploit being committed on a daily basis, according to information gathered by Peckshield. While this figure is lower than the amount of money stolen in March – when hackers made off with over $200 million from decentralized finance projects – it still represents a significant increase from the $35.3 million stolen in February.

Meanwhile, DeFillama has reported that DeFi projects lost $276.4 million during the first quarter of the year. This is a shocking figure and shows that there is still a lot of work to be done in securing the crypto space.

One of the most noteworthy exploits occurred when the maximal extractable value (MEV) bots were subjected to a sandwich attack, resulting in a loss of $25 million. CryptoSlate reported that USDT issuer Tether blacklisted the validator address that drained the bots, which drew criticism from the crypto community.

MEV bots have been a subject of controversy for a long time, given their tendency to extract value from crypto traders. According to the MEV blocker, these bots have extracted over $1.38 billion from blockchain network users.

How Hackers Stole 93M From Crypto In April 2

To put this into perspective, one anonymous MEV bot operator, Jaredfromthesubsway, made more than $1.4 million by sandwiching transactions of crypto investors trading meme coins.

Meanwhile, the crypto industry has seen several high-profile hacks in recent days. For instance, Singapore-based exchange Bitrue lost almost $23 million in a hack after one of its hot wallets was compromised. Another centralized exchange, Gdac, was exploited for $13 million.

Additionally, multiple decentralized finance protocols have also fallen victim to various hacks within the past month. The affected projects include Yearn Finance, Hundred Finance, SushiSwap, 0vix Protocol, and Terraport.

The most notable of these recent hacks was the zkSync-based decentralized exchange Merlin DEX, which lost roughly $2 million to rogue developers. Blockchain security firm CertiK audited the project before its launch, and has promised to refund impacted users.

Finally, it is worth noting that hackers are still relying on mixers to move their ill-gotten funds. As of April 30, malicious players transferred over 1,000 ETH and 2,515 BNB into Tornado Cash, while 203 ETH were sent to Fixed Float.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

crypto

Crypto exploiters

Hackers Stole

scammer

Avatar of Annie

Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.
News

How Hackers Stole $93M From Crypto In April?

Key Points:

  • Crypto exploiters stole $93.4M from 41 exploits on crypto projects in April.
  • Significant decline from March, but still higher than February.
  • In terms of value, the biggest exploit was the sandwich attack losing $25M from MEV bots.
Crypto exploiters have been ramping up their efforts, as they reportedly stole $93.4 million from 41 exploits on crypto projects recently.
How Hackers Stole 93M From Crypto In April

This translates to more than one exploit being committed on a daily basis, according to information gathered by Peckshield. While this figure is lower than the amount of money stolen in March – when hackers made off with over $200 million from decentralized finance projects – it still represents a significant increase from the $35.3 million stolen in February.

Meanwhile, DeFillama has reported that DeFi projects lost $276.4 million during the first quarter of the year. This is a shocking figure and shows that there is still a lot of work to be done in securing the crypto space.

One of the most noteworthy exploits occurred when the maximal extractable value (MEV) bots were subjected to a sandwich attack, resulting in a loss of $25 million. CryptoSlate reported that USDT issuer Tether blacklisted the validator address that drained the bots, which drew criticism from the crypto community.

MEV bots have been a subject of controversy for a long time, given their tendency to extract value from crypto traders. According to the MEV blocker, these bots have extracted over $1.38 billion from blockchain network users.

How Hackers Stole 93M From Crypto In April 2

To put this into perspective, one anonymous MEV bot operator, Jaredfromthesubsway, made more than $1.4 million by sandwiching transactions of crypto investors trading meme coins.

Meanwhile, the crypto industry has seen several high-profile hacks in recent days. For instance, Singapore-based exchange Bitrue lost almost $23 million in a hack after one of its hot wallets was compromised. Another centralized exchange, Gdac, was exploited for $13 million.

Additionally, multiple decentralized finance protocols have also fallen victim to various hacks within the past month. The affected projects include Yearn Finance, Hundred Finance, SushiSwap, 0vix Protocol, and Terraport.

The most notable of these recent hacks was the zkSync-based decentralized exchange Merlin DEX, which lost roughly $2 million to rogue developers. Blockchain security firm CertiK audited the project before its launch, and has promised to refund impacted users.

Finally, it is worth noting that hackers are still relying on mixers to move their ill-gotten funds. As of April 30, malicious players transferred over 1,000 ETH and 2,515 BNB into Tornado Cash, while 203 ETH were sent to Fixed Float.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Annie

Coincu News

Visited 52 times, 1 visit(s) today