According to reports, the rate of crypto exploits, exit scams and flash loan attacks saw a rise in the month of April with funds stolen from investors and crypto funds amounting to about $103 million, stated Coinelegraph.
On April 30, 2023, CertiK, a crypto security and auditing platform, posted that the total funds lost amounted to $103.7 million, eventually amounting to a loss of about $429.7 million, added Cointelegraph.
Sources revealed that the top scam for the month took place in Merlin DEX which lost about $2.7 million. With insights from CertiK, on April 26, 2023, it identified a “potential private key management issue” at the exchange.
Reportedly, this scam took place after Certik audited its protocol that warned about centralization issues. Furthermore, CertiK introduced a plan to compensate in which the scammer was made to return about 80% of the stolen funds and about 20% white hat bounty was offered, Cointelegraph concluded.
(With insights from Cointelegraph)