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

In February, the crypto market saw losses amounting to around $160 million due to exploits, hacks, and rip-offs. The figures represented a small dip from January regardless of a boost in costs.

According to the current upgrade by CertiK, exit rip-offs declared the lion’s share at $58.2 million, followed by exploits at $101 million. Phishing represented $14.6 million, while $6.4 million was effectively recuperated. Flash loans sustained very little losses at $138k.

• Hong Kong-based crypto exchange BitForex topped CertiK’s chartwith its hot wallets experiencing outflows of around $56.5 million in properties a day before the platform stopped processing deals. It went offline, and the group was unresponsive to user demands.

#CertiKStatsAlert

Integrating all the events in February we’ve validated ~$160M lost to exploits, hacks and rip-offs

The overall is a minor decline from January with phishing accounting for ~$14.6 m

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

— CertiK Alert (@CertiKAlert) February 29, 2024

• Next up was the crypto video gaming platform PlayDapp, which lost $32.4 million after hackers took personal secrets to mint and take over 1.79 billion PLA tokens.
• FixedFloat, a decentralized exchange that lost near to $26 million worth of Bitcoin and Ether in a hack, was the 3rd significant occurrence in February on CertiK’s list, followed by Jihoz.Ron and Seneca with $9.7 million and $6.5 million.
• Considering that the start of this year, exit frauds declared $62.54 million in losses.
• Flash loan attacks resulted in $138k in losses throughout February as compared to a tremendous $15.3 million in January, bringing overall year-to-date (YTD) losses of $15.409 million.
• The leading 5 flash loan attacks were BurnsDefi with $64,000 losses, followed by ZoomerCoin, Azuma ERC 404, Synthetix, and RabbitERCX with losses of $41,120, $26,116, $3,663, and $2,756 respectively.
• Since 2024, the year-to-date losses stand at more than $343.5 million.