In April, the world of cryptocurrency experienced its usual share of hacks and fraud. However, a report by CertiK revealed a significant drop in losses, reaching the lowest level recorded since 2021. The total losses due to hacks, exploits, and fraud in April amounted to about $25.7 million.

According to CertiK, the 141% decrease in losses in April compared to the previous month is noteworthy, indicating an improvement in security measures and industry awareness. Despite this positive trend, it is important to acknowledge that the current numbers still pose risks.

Data from CertiK showed that exit scams accounted for $4.3 million in losses, while flash loans caused a loss of $129,000, and hacks and exploits led to a $21 million loss. The high losses from hacks might suggest that the industry is facing more sophisticated attacks.

In the first quarter of 2024, the cryptocurrency industry saw a total loss of $336 million due to hacks and fraud. This figure underscores the substantial threats that the industry continues to confront. Although the amount stolen by hackers decreased in 2023 compared to the previous year, the industry still faces significant risks.

The decline in cryptocurrency losses in April may be attributed to improved security measures and industry awareness. However, this does not mean that the threats have diminished. Enhancing security measures and implementing stricter regulations will be crucial in reducing risks in the industry. While these steps may not eliminate hacking and fraud, they show a potentially positive trend in reducing losses.