Exit Scams and Exploits Led to $160M Losses in Crypto Sector in February

In February, the crypto trade noticed losses totaling roughly $160 million as a result of exploits, hacks, and scams. The figures represented a slight dip from January regardless of a rise in costs.

In line with the newest replace by CertiK, exit scams claimed the lion’s share at $58.2 million, adopted by exploits at $101 million. Phishing accounted for $14.6 million, whereas $6.4 million was efficiently recovered. Flash loans incurred minimal losses at $138k.

• Hong Kong-based crypto trade BitForex topped CertiK’s chart, with its scorching wallets witnessing outflows of round $56.5 million in property a day earlier than the platform stopped processing transactions. It went offline, and the staff was unresponsive to consumer requests.

#CertiKStatsAlert 🚨

Combining all of the incidents in February we’ve confirmed ~$160M misplaced to exploits, hacks and scams

The whole is a slight lower from January with phishing accounting for ~$14.6m

Exit scams: ~$58.2m
Flash loans: ~$138k
Exploits: ~$101M
Returned: ~$6.4M… pic.twitter.com/E15cqbeELQ

— CertiK Alert (@CertiKAlert) February 29, 2024

• Subsequent up was the crypto gaming platform PlayDapp, which misplaced $32.4 million after hackers stole personal keys to mint and steal over 1.79 billion PLA tokens.
• FixedFloat, a decentralized trade that misplaced near $26 million value of Bitcoin and Ether in a hack, was the third main incident in February on CertiK’s checklist, adopted by Jihoz.Ron and Seneca with $9.7 million and $6.5 million.
• For the reason that starting of this 12 months, exit scams claimed $62.54 million in losses.
• In the meantime, flash mortgage assaults resulted in $138k in losses all through February as in comparison with a whopping $15.3 million in January, bringing whole year-to-date (YTD) losses of $15.409 million.
• The highest 5 flash mortgage assaults had been BurnsDefi with $64,000 losses, adopted 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 year-to-date losses stand at greater than $343.5 million.