Recent data reveals a concerning surge in crypto hacks on Coinbase's Base chain, with April witnessing a staggering 145% increase in scam activity compared to previous months. This spike underscores a troubling trend of scammers targeting the Base network, as evidenced by two of the top 10 largest single thefts occurring within its ecosystem, amounting to over 20% of the total theft for the month.

Despite an overall decrease in crypto hacks during April, certain networks have experienced a surge in scam activity, with scammers exploring new avenues to lure victims onto platforms. According to insights from Scam Sniffer, Coinbase’s Base network, which operates atop the Ethereum blockchain, saw a notable uptick in scam activity, highlighting vulnerabilities within the ecosystem.

Data from the blockchain intelligence firm indicates a significant surge in scammer activity on the Base network since January, with phishing scams alone resulting in approximately $170,000 in losses. In April, nearly 90% of the stolen assets were ERC-20 tokens, the standard format for tokens on the Ethereum network. Common phishing techniques, such as Permit, IncreaseAllowance, and Uniswap Permit2, were identified as key contributors to these losses, further emphasizing the need for heightened security measures.

Despite the overall decline in crypto attacks in April, several notable incidents occurred, underscoring the persistent threat posed by malicious actors. The largest reported hack involved Hedgey Finance, a token infrastructure platform, which suffered losses totaling approximately $47 million. Additionally, vulnerabilities in a third-party service provider led to a $3 million theft from the Fix Float exchange, while hackers targeted Grand Base, netting $2.67 million from the attack.

In total, crypto-related hacks and rug pulls amounted to over $401 million in losses since the beginning of the year, representing a 25.1% decrease compared to the same period last year. However, the prevalence of such incidents highlights the ongoing challenges faced by the crypto industry in combating fraudulent activities, as emphasized by data from Immunefi.