Crypto hacks on Coinbase’s Base chain rose by 145% in April, data shows

Summary of Key Points:

  • Coinbase’s Base chain is targeted by scammers, with two of the top 10 largest thefts occurring on the network.
  • Scam activity on the Base network surged by 145% in April, with phishing scams leading to stolen assets.
  • Despite a decrease in crypto attacks in April, significant incidents still occurred, resulting in large sums being stolen.
  • The total amount stolen due to hacks and rug pulls decreased by 25.1% compared to the previous year.

Scammers Target Coinbase’s Base Chain

Scammers have honed in on Coinbase’s Base chain, with two of the largest thefts in the network’s history taking place recently. The surge in scam activity, totaling a 145% increase in April, has raised concerns about the security of the platform.

Surge in Phishing Scams on Base Network

The Base network has witnessed a nearly 1,900% surge in scammer activity since January, resulting in approximately $170,000 being stolen through phishing scams. The prevalence of ERC-20 tokens as stolen assets highlights the vulnerability of the network to common phishing practices.

Largest Incidents in Crypto Attacks

Despite an overall decline in crypto attacks in April, notable incidents still occurred, including a $47 million theft from Hedgey Finance and a $3 million hack on the Fix Float exchange. The third-largest attack on Grand Base further underscores the ongoing threat posed by malicious actors in the crypto space.

Decrease in Total Crypto Thefts

The total amount stolen due to hacks and rug pulls decreased by 25.1% compared to the same period last year, reflecting a slight improvement in the security measures implemented by crypto platforms. However, the persistent threat of scams and hacks highlights the need for continued vigilance in the cryptocurrency ecosystem.

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