Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
According to on-chain data consolidated by blockchain security firm CertiK in its quarterly report, hackers accessed more than $320 million in the first quarter of 2023 alone.
These losses were significantly lower than those recorded in the first and fourth quarters of 2022, when hackers stole approximately $1.3 billion and $950 million, respectively. CertiK suggested that the reduced loss amount may be linked to off-chain events impacting the broader crypto industry, such as issues with Silvergate Bank and the depegging of USD Coin (USDC) during the height of the Silicon Valley Bank collapse.
Of the funds stolen during the quarter, over $31 million was lost to 90 exit scams, while more than $222 million was lost through 52 flash loan and oracle manipulation exploits. Regarding incidents and the amount lost per blockchain, CertiK highlighted that BNB Chain experienced 139 incidents, the highest number for the quarter. Meanwhile, despite having fewer incidents, Ethereum recorded $221 million in losses, the largest amount lost in Q1 2023.
Number of incidents and the amount lost in the first quarter of 2023 by blockchain. Source: CertiK
Related Posts
Although much lower than in Q1 2022 and Q4 2022, the first quarter of 2023 still saw hundreds of millions lost, with 60% attributed to the recent Euler Finance hack. On March 13, the protocol was hacked via a flash loan exploit, resulting in losses exceeding $195 million.
Related: Sandwich trading bots lose bread and butter in $25M exploit
While the amount lost to hacking appears enormous at first glance, a significant portion of the funds was recovered through negotiations with hackers. On April 4, Euler Finance announced that it had recovered approximately 90% of the lost funds after nearly a month of negotiations with the hacker.
This trend has become more frequent in the space, with other hacks following Euler’s example. On April 6, lending protocol Sentiment also recovered around $870,000 after offering a $95,000 bounty to those responsible for taking almost a million dollars from the platform.
Magazine: Magazine: Huawei NFTs, Toyota’s hackathon, North Korea vs. Blockchain: Asia Express
