Crypto Exploit Ends January With 24 Cases Worth $8.8 Million

Key Points:

• The numbers for January 2023 are 92.7% less than the $121.4 million lost to exploits in January 2022.
• According to PeckShield, the largest exploit last month, accounting for 68% of the total, was a January 12 attack on LendHub, which took $6 million from the decentralized finance lending and borrowing platform.

Aside from the bullish crypto market bounce in January, there have been other favourable industry news, such as a significant decrease in crypto exploit losses compared to the same time last year.

According to PeckShield, a blockchain security business, there were $8.8 million in losses from crypto attacks in January.

As reported, there were 24 exploits, with $2.6 million in cryptocurrency transmitted to mixers like Tornado Cash during January 2023. The funds transferred to mixers are divided into 1,200 Ether ETH and about 2,668 BNB.

The numbers for January 2023 are 92.7% less than the $121.4 million lost to exploits in January 2022.

According to PeckShield, the largest exploit last month, accounting for 68% of the total, was a January 12 attack on LendHub, which took $6 million from the decentralized finance lending and borrowing platform.

Thoreum Finance, which lost $580,000, and Midas Capital, which was exploited for $650,000 in a flash loan assault, were two other major exploits for the month. According to PeckShield, the January amount is also 68% lower than the December 2022 record, which saw around $27.3 million in exploit losses.

As reported by DeFiYield’s Rekt database, other losses not included in the report include a $2.6 million rug pull on the FCS BNB Chain token. A further $150,000 was lost due to bogus BONK tokens, as well as a $200,000 rug pull on the Doglands Metaverse gaming platform, according to DeFiYield.

On January 4, a phishing assault on the GMX decentralized trading system resulted in a victim losing up to $4 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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