Crypto Hacks in Q1 2023

    Blockchain security company CertiK has released its quarterly report revealing that hackers made off with over $320 million in the crypto industry in Q1 2023, despite the reduced losses from the previous year’s Q1 and Q4. The report indicates that off-chain events such as issues with Silvergate Bank and USD Coin’s depegging may have affected the losses. However, hackers still managed to exploit the system’s vulnerabilities.

    90 exit scams resulted in the loss of over $31 million, while flash loan and oracle manipulation exploits caused over $222 million in losses across 52 incidents. BNB Chain had the highest number of incidents, totaling 139, while Ethereum incurred the largest loss of over $221 million.

    Q1 2023 was still marked by substantial losses, with 60% of the funds lost attributed to the Euler Finance hack on March 13. The hack exploited a flash loan to gain access to over $195 million in funds. Euler Finance managed to recover around 90% of the lost funds by April 4 after negotiations with the hacker.

    While the amount stolen is still significant, CertiK reports a decline in the number of incidents during the quarter, thanks to the combined efforts of the crypto community and law enforcement. Despite these efforts, CertiK warns that hackers continue to target the crypto industry, and stakeholders must remain vigilant to avoid being compromised.

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