CertiK: Exit Scams and Exploits Ended in $160M Losses in Crypto Sector in February

In February, the crypto industry noticed losses totaling approximately $160 million due to the exploits, hacks, and scams. The figures represented a diminutive dip from January despite an elevate in prices.

Consistent with the most well-liked update by CertiK, exit scams claimed the lion’s share at $58.2 million, followed by exploits at $101 million. Phishing accounted for $14.6 million, while $6.4 million changed into once efficiently recovered. Flash loans incurred minimal losses at $138okay.

• Hong Kong-based entirely mostly crypto alternate BitForex topped CertiK’s chart, with its hot wallets witnessing outflows of around $56.5 million in resources a day sooner than the platform stopped processing transactions. It went offline, and the team changed into once unresponsive to individual requests.

#CertiKStatsAlert 🚨

Combining your complete incidents in February we’ve confirmed ~$160M misplaced to exploits, hacks and scams

The total is a diminutive decrease from January with phishing accounting for ~$14.6m

Exit scams: ~$58.2m


Flash loans: ~$138okay


Exploits: ~$101M


Returned: ~$6.4M… pic.twitter.com/E15cqbeELQ

— CertiK Alert (@CertiKAlert) February 29, 2024

• Subsequent up changed into once the crypto gaming platform PlayDapp, which misplaced $32.4 million after hackers stole non-public keys to mint and build over 1.79 billion PLA tokens.
• FixedFloat, a decentralized alternate that misplaced end to $26 million worth of Bitcoin and Ether in a hack, changed into once the third essential incident in February on CertiK’s checklist, followed by Jihoz.Ron and Seneca with $9.7 million and $6.5 million.
• Since the initiating of this yr, exit scams claimed $62.54 million in losses.
• In the meantime, flash mortgage attacks resulted in $138okay in losses within the direction of February as in comparison to a whopping $15.3 million in January, bringing full yr-to-date (YTD) losses of $15.409 million.
• The head 5 flash mortgage attacks own been BurnsDefi with $64,000 losses, followed by ZoomerCoin, Azuma ERC 404, Synthetix, and RabbitERCX with losses of $41,120, $26,116, $3,663, and $2,756 respectively.
• As of 2024, the yr-to-date losses stand at more than $343.5 million.