• According to research, cryptocurrency hacks caused $8.8 million in damages in January 2023, a 92.7% decrease from January 2022.
• Over the month, 24 exploits were identified, transferring $2.6 million worth of cryptocurrency to mixers like Tornado Cash.
• Notable crypto exploits included the loss of $6 million at LendHub, $580,000 at Thoreum Finance, and $650,000 at Midas Capital.
Cryptocurrency hacks caused $8.8 million in damages in January 2023, according to blockchain security company PeckShield. This figure, when compared to the $121.4 million in exploitable losses in January of the previous year, indicated a 92.7% drop in damages due to cryptocurrency hacks. This comes as the cryptocurrency market saw a bullish rebound in January 2023, as well as encouraging reports from the industry regarding decreased exploit-related losses.
The data from PeckShield suggested that 24 exploits occurred over the month, resulting in the transfer of $2.6 million worth of cryptocurrency to mixers like Tornado Cash. This included 1,200 Ether [ETH] and about 2,668 Binance Coin [BNB] in the breakdown of the assets supplied to mixers. The January figure is also a 68% decrease from December 2022, when exploit losses totaled around $27.3 million.
In terms of notable exploits, the DeFi loan and borrowing site LendHub was the target of the largest exploit last month, accounting for 68% of the total loss of $6 million. Other notable exploits for the month included the loss of $580,000 at Thoreum Finance and the $650,000 flash loan attack on Midas Capital. According to DeFiYield’s Rekt database, there were further losses not shown in the statistics, including a $2.6 million rug pull on the FCS BNB Chain [BUSD] project.
All in all, the data from PeckShield indicated remarkable progress in the cryptocurrency industry, with the drop in exploits and losses attributed to a bullish market rebound and improved security measures taken by cryptocurrency companies. With further progress in the same direction, the future of cryptocurrency looks bright.