February 1, 2023

Losses of Crypto Exploits in January Down 92.7% Compared to Last Year

Losses of Crypto Exploits in January Down 92.7% Compared to Last Year Featured Image

Besides the cryptocurrencies’ increasing value in January, there was also positive news in the crypto industry this month, according to Cointelegraph.

This month saw a decline in the losses due to crypto exploitation, compared to the same period in the last year, reaching $8.8 million, according to data from blockchain security firm PeckShield.

The $8.8 million losses in January 2023 due to exploits represented 92.7% lower than the $121.4 million recorded in January 2022. These losses were represented in 24 exploits over the last month.

According to PeckShield, the biggest crypto exploit in the last month was carried out on the DeFi loan and borrowing site LendHub which lost $6 million on January 12, accounting for 68% of the total loss. Other crypto attacks against Thoreum Finance, which lost $580,000 and Midas Capital, which was exploited for $650,000 were among the remarkable incidents also.

The security firm reported that January’s figure is 68% lower than December’s figures which saw almost $27.3 million in exploit losses.

Despite the good news, Blockchain security company CertiK told Cointelegraph in early January that crypto attacks and exploits will unlikely witness a slowdown this year. The firm also reported that the $62 million in crypto stolen in December was the “lowest monthly figure” in 2022. As of the end of last year, the ten biggest exploits of 2022 resulted in a whopping $2.1 billion stolen from crypto protocols.

In prior years, attackers continued to prefer DeFi as their top target as 155 attacks cost the DeFi ecosystem $3.1 billion in losses in 2022, a significant rise over the previous year, making DeFi the most vulnerable.

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