Crypto scams, exploits down 71% YoY as $370M lost since January

admin March 25, 2023

0 2 minutes read

The crypto space lost $372 million to fraud and exploits in the first quarter of 2023, according to a recent report from the creators of . recto database, De.Fi (Formerly DeFi YieldApp.)

According to the report, Euler Finance, BonqDAO and CoinDeal suffered losses of $196 million, $120 million and $45 million respectively.

first quarter loss

Fraud and exploit losses increased steadily from January to March. His $14.6 million recorded in January increased by 875% to $142.4 million in February. This amount increased by another 50%, bringing him to $215 million in March.

Funds lost and recovered in Q1 2023 (Source: Rekt database)

It’s worth noting that this year’s $372 million reflects a 71% decline from the $1.2 billion recorded in the first quarter of 2022.

biggest loser

The report also mentions Euler Finance, BongDAO, and CoinDeal as contributing the most to the amount lost to exploits and schemes.

On March 13th, Euler Finance was hit by a flash loan attack, losing $197 million. This puts Euler at the top of the charts as his most significant loss for the first quarter of 2023. February 2. The CoinDeal scheme ranked third as he raised $45 million until it collapsed on January 4th.

Combined losses for Euler Finance and BonqDAO amounted to $317 million, accounting for 85% of total losses recorded since January. The report also found that flash loan attacks led to the heaviest losses in the first three months of the year, followed by the Oracle issue in second place, corresponding to his two most significant attack methods in the first quarter. I also mentioned that

most attacked chain

Categorizing attacks based on chain, BNB chain (BNB) emerged as the most popular chain for cryptocurrency criminals. The BNB chain has suffered 18 of the 47 recorded episodes in his first three months of the year. This accounts for over 38% of attacks.

Attacked chains in Q1 2023 (Source: Rekt database)

Ethereum (ETH) was targeted in 10 attacks, accounting for 21% of attacks, following BNB chain as the second most popular choice. Arbitrum (ARB) finished third in the first quarter of 2023, with him having seven attacks.

Recovery rate

The figures show that losses recorded in January and February accounted for 42% of total losses recorded in the first quarter of 2023, with a zero recovery rate. Only $1.4 million was collected in March, making up less than 0.3% of his total losses recorded since January.

This rate appears to be significantly lower than the recovery recorded in the first quarter of 2022. In his first three months of 2022, over $1.2 billion was lost to fraud and abuse. Of that amount, $520 million was recovered. total amount lost.