This figure is significantly lower than the 187.6 million stolen in March, indicating a considerable decrease in attacks on the crypto industry.
Cryptocurrency thefts appear to be losing ground. During the month of April, the total value of cryptocurrencies compromised by hacking fell 67%, remaining at $60.2 million, according to a report by on-chain security firm PeckShield.
PeckShield’s report suggests this is the first major drop in cryptocurrency hacking incidents so far this year, a relief to those who feared the pace of attacks would grow exponentially. To get an idea of the impact, April’s figure is less than a fifth of the value hacked in the same month last year, when hackers made off with $360.8 million.
In April, the largest incident took place on Hedgey Finance, a token infrastructure platform. Hackers exploited a vulnerability in Hedgey’s token claiming contract, resulting in the theft of $44.7 million, representing more than 74% of the total value stolen in the month.
Cyberattack on Pike Finance Causes Loss of $1.6 Million in Cryptocurrencies in Two Incidents
A series of suspicious transactions on Pike Finance’s cross-chain lending protocol caught the attention of blockchain security firm Cyvers early Wednesday. The result was a substantial financial loss estimated at $1.6 million.
The incident is part of a series of two attacks that hit Pike Finance in a span of just three days. Security platform CertiK traced the origin of the attack back to April 30, revealing that the attacker managed to manipulate the Pike Finance smart contract system by invoking the initialization function. By doing so, the attacker was able to establish privileges for himself and then execute a function that allowed him to drain assets from the contract.
Changpeng ‘CZ’ Zhao Thanks Support After Being Sentenced to Four Months in Prison
Crypto billionaire Changpeng “CZ” Zhao, founder and former CEO of Binance, expressed his gratitude via X, after being sentenced to four months in prison by a Seattle court. Zhao, who faced months of legal proceedings, addressed his supporters to thank them for their support and offer a positive outlook despite the ruling.
“I will do my time, conclude this phase and focus on the next chapter of my life (education), Zhao wrote. “I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.”
Zhao’s sentencing has been a relevant event in the world of cryptocurrencies. Although his period of incarceration will be brief, his statements suggest that the crypto billionaire plans to continue playing a significant role in the crypto community even after being released from prison.
Fall in Bitcoin Price after Halving Threatens the Stability of Crypto Mining
The volatility in Bitcoin prices after the last halving has raised concerns about the stability of the crypto mining industry. One of the biggest questions emerging amid the recent volatility is whether Bitcoin miners will capitulate.
CryptoQuant CEO Ki Young Ju recently stated that miners are not yet showing clear signs of capitulation. On-chain data reveals that miners’ selling activity remains relatively stable, suggesting that, at least for now, they are weathering the storm.
This behavior suggests that many miners are confident in a possible recovery in Bitcoin prices in the short or medium term.
By Leonardo Perez
