SlowMist, a popular blockchain security platform, has recently issued a security report. As per the company, the month of April saw a cumulative thirty-seven web3 security breach events that incurred huge losses of up to $90.81 million. However, the number was $104M in March which means the loss is 10% less than the previous month. The SlowMist Blockchain Security Incident Database disclosed the statistics dealing with these events. In this respect, the hacked accounts, exit scams, 3^rd-party vulnerabilities, and contract vulnerabilities reportedly caused these incidents.

SlowMist Security Report Discloses the Losses of $90.81M in Web3 Security Events of April

On the 1^st of April, OpenLeverage (a DeFi protocol) experienced an attack in which it lost nearly $260,000. It has been mentioned that the platform will compensate for the losses with protocol reserves, OLE buyback stock, and insurance. On the 2^nd of this month, FixedFloat (a decentralized exchange) went through an attack. It led to the losses of nearly $3M. Attackers manipulated the 3^rd-party service-related vulnerabilities concerning FixedFloat.

On the 4^th of April, the Solana-based CondomSOL witnessed an exit scam. The wallets linked to CondomSOL reportedly raised 4965 SOL (almost $920,000). On the 12^th, Zest Protocol (a BTC-native lending protocol) disclosed the news of the attack. Exploiters lent out above their collateral value by elevating the value of the collateral. Following that, they removed up to 324,000 STX (equaling $1M) from the platform.

On the 15^th, the Base L2-based Grand Base project revealed that the attackers had exploited the deployer’s wallet. This permitted them to take away the liquidity pool of the project. As a result, approximately 615 ETH (equaling $2M) were cumulatively lost on the theft. Hedgey Finance experienced an attack on the 19^th of April because of contract vulnerabilities.

This resulted in losses of nearly $47.7M and the majority of them occurred on the Arbitrum network. Recently, consumers of ZKasino (a decentralized betting forum) pointed out a significant event. They suspect the platform to be an exit scam, leading to approximately $33M in losses. On the 26^th, Pike Finance (a cross-chain lending platform) went through an attack on its Pike Beta-based USDC Pool.

Exit Scams Account for 40.54% of the Cumulative Security Events

This event incurred losses of nearly $300,000. CCTP messages were the reported cause of this event, leading to USDC loss on Optimism, Arbitrum, and Ethereum chains. Out of the thirty-seven reported security events, fifteen occurred because of exit scams that the project teams conducted. They accounted for approximately 40.54% of the cumulative events. Ten events dealing with contract vulnerability manipulation led to losses of up to $46.93M. They account for almost 51.7% of the cumulative stolen amount in April.