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.

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.

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