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During January, there was a sharp decrease in losses from exploitation compared to the same time period last year. This is even more encouraging news for the sector, which comes after the bullish run that took place in the cryptocurrency market during the month of January.
PeckShield, a company specializing in blockchain security, released statistics on January 31 showing that crypto attacks caused $8.8 million worth of damage in January.
Over the course of a month, there were 24 exploits, and a total of $2.6 million worth of cryptocurrency was transmitted to mixers such as Tornado Cash. The proportion of assets transferred to the mixer is as follows: 1,200 Ether (ETH) and approximately 2,668 BNB (BNB).
The statistic for January is 92.7% lower than the $121.4 million lost to exploitation during the same month in 2022.
According to PeckShield’s findings, the biggest exploit from the previous month was the January 12 attack on LendHub which resulted in the theft of $6 million from a decentralized finance lending and borrowing platform. This attack accounts for 68% of the overall exploit.
Other major exploits that occurred during the month included an attack on Thoreum Finance which resulted in a $580,000 loss and an attack on Midas Capital which resulted in a loss of $650,000 through flash loan fraud.
According to PeckShield, the amount for January was also down 68% from the amount lost to exploitation in December 2022, which was over $27.3 million.
According to DeFiYield’s Rekt database, there was a tapestry draw on the FCS BNB Chain token that cost $2.6 million but is not included in the data loss calculation. According to data provided by DeFiYield, there was an additional loss of $150,000 due to counterfeit BONK tokens as well as a loss of $200,000 due to the pull of the rug on the Doglands Metaverse gaming platform.
On January 4th, a phishing attempt was launched against the decentralized trading system GMX, resulting in at least one victim losing as much as $4 million.
Additionally, the company said that the amount of cryptocurrency it took in December, $62 million, was the “lowest monthly amount” in 2022.
At the end of the previous year, the top ten exploits of 2022 had resulted in $2.1 billion being stolen from various cryptographic algorithms.
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