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Crypto Exploit Losses in January see Nearly 93% year-on-year Decline

In January, around $8.8 million was lost to crypto attacks, a significant decrease from last year.

Apart from the bullish crypto market bounce in January, there have been other favorable industry news items, such as a decrease in exploit loss compared to last year.

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

During the month, there were 24 exploits, with $2.6 million in cryptocurrency transmitted to mixers like Tornado Cash. The assets delivered to mixers are about 1,200 Ether (ETH) and 2,668 BNB (BNB).

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

The greatest exploit from last month, accounting for 68% of the total, was carried out on the DeFi lending and borrowing site LendHub, which lost $6 million on January 12.

Other major exploits for the month were Thoreum Finance, which lost $580,000, and Midas Capital, which was victimized in a flash loan assault for $650,000.

According to PeckShield, the January amount is also 68% lower than the December 2022 record, which saw around $27.3 million in exploit losses.

According to 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.

Despite the comparatively calm month, blockchain security firm CertiK informed Cointelegraph in early January that attacks and vulnerabilities are unlikely to cease this year.

According to the corporation, the $62 million in cryptocurrency taken in December was the “lowest monthly number” in 2022.

The ten most remarkable exploits of 2022 resulted in a stunning $2.1 billion stolen from crypto protocols as of the end of the year.


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