Losses due to crypto hacks are many times less than last year

The first quarter is almost over and that is a good time to measure certain statistics within the crypto world. A report from De.Fi shows that significantly less money was lost due to scams and exploits in the first three months of this year than in 2022.

Crypto hacks in the first quarter

In total, $372 million in money was lost due to scams and exploits in the first quarter. Last year, a total loss of $1.2 billion was recorded, which means that crypto hackers have lost 71% of their loot this year.

The amount lost to scams and exploits showed steady growth from January to March. Indeed, the $14.6 million recorded in the first month of the year grew by 875% in February to reach $142.4 million. In March, this amount grew by another 50% to a total of $215 million.

The report noted that Euler Finance, BonqDAO and CoinDeal contributed the most to the amount lost in the past three months. The total amount lost by Euler Finance and BonqDAO was $317 million. This is also equivalent to 85% of the total losses since January.

The report also stated that flash loan attacks resulted in the largest losses, while problems with oracles followed as number two. Euler Finance was hit by a flash loan attack on March 13 and BonqDAO fell victim to oracles problems on February 2.

Affected blockchains

The different attacks can of course also be categorized on all different blockchains. This then shows that the BNB Chain (BNB) is the most popular target for crypto criminals. In total, Binance’s blockchain suffered 18 attacks out of a total of 47, meaning that more than 38% of all attacks happened on this blockchain.

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Ethereum (ETH) is number two with a total of 10 attacks and Arbitrum, one layer-2 scaling solution on top of Ethereum, may crown itself as number three.

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