As per the report, a total of $103.7mln was lost in the last month alone, taking the total loss during the year to $429.7mln

In April this year, the crypto currency industry suffered a huge loss of more than $103mln. A number of issues like cyber attacks, fraudulent activities and immediate loan demands were the reasons behind these attacks.

CertiK, a firm which specializes in blockchain security and auditing, recently released a report explaining these unfortunate events. As per the report, a total of $103.7mln was lost in the last month alone, taking the total loss during the year to $429.7mln.

The news comes as a massive blow to the crypto currency world, as investors and traders are now left to deal with the fallouts of these losses.

The month of April was distinct because of a number of notable crypto exploits that resulted in significant losses in the industry. For instance, on April 3, a number of MEV trading bots were exploited, causing a loss of $25.4mln.

Moreover, the Bitrue exchange witnessed a hot wallet exploit resulting in a loss of $22mln. Furthermore, the South Korean GDAC exchange was hacked, in which $13mln was stolen.

CertiK reported that in April, the total amount lost to crypto and DeFi exploits stood at $74.5mln. This is nearly half the total of $145mln that has been lost to such exploits in Q1 2023.

Additionally, flash loan attacks were behind nearly $20mln in losses during April. Yern Finance was the main target of these attacks, as a hacker took advantage of an old smart contract on April 13. CertiK reported that exit scams caused losses of $9.4mln during April. The biggest exit scam was seen by Merlin DEX, which lost $2.7mln.

On April 26, CertiK declared it was looking into a potential issue with the way a crypto currency exchange was managing its private keys.

This is concerning as private keys are like passwords that provide access to users’ digital assets, so any mishandling of these keys could lead to theft. Moreover, the exchange witnessed an exit scam where the founders closed down the platform and stole funds of users after Certify audited the platform and cautioned about the risks of centralization.

The Rekt Database disclosed that the previous month witnessed more than 50 cases of crypto exploits, scams, hacks and rug pulling, a considerable number of which were linked to Memecoin. One of the most recent exploits concerned the Ovix protocol, which operates on the network, and a flash loan attack on April 28 resulting in a loss of $2mln.

CertiK has launched a reimbursement program in reaction to the exploit and requested the rogue developer to give back 80 per cent of the funds taken. It has also offered 20 per cent White Hat Bounty.

In spite of regulatory investigations and enhanced security measures, the crypto currency industry continues to face issues with cyber attacks. The continuing issues with crypto exploits and scams put investors at risk and make it hard for authentic projects to gain trust and reliability in the market.

This underlines the significance of in-depth security audits and the requirement for improved regulation and enforcement in the crypto currency sector. While some headway has been made in the past few years, the sector still has a long way to go in guaranteeing the safety and security of investors.