April Sees Record $630 Million in Crypto Hacks, Primarily Targeting DeFi
- Total losses from crypto hacks in April reached $629.7 million, the highest since February.
- KelpDAO’s hack accounted for $293 million, while Drift Protocol lost $280 million, together making up 82% of the total losses.
- Recent attacks included Wasabi Protocol losing approximately $5.5 million and Sweat Economy losing $3.46 million in under a minute.
- Attacks are increasingly exploiting off-chain systems rather than just smart contract vulnerabilities.
- Experts noted that real-time monitoring is critical to prevent further thefts, as demonstrated during the KelpDAO incident.
The surge in crypto hacks highlights vulnerabilities within DeFi protocols, particularly through sophisticated multi-stage attacks targeting both on-chain and off-chain systems. This shift indicates that security measures need to evolve to address new risks posed by well-resourced attackers.
April marked a significant increase in hacking incidents with losses exceeding $600 million, underscoring the urgent need for improved security measures across the DeFi sector.
