Over $320 million lost in cryptocurrency hacks: Reports

Reportedly, the exploitation of crypto can be related to the off-chain events

Going by sources, Certik is a Blockchain security firm
Going by sources, Certik is a Blockchain security firm

According to the quarterly on-chain data reports of Certik, a Blockchain security firm, around $320 million was hacked in the first quarter of this year, stated Cointelegraph.

As reported by Cointelegraph, the current losses are lower than the first and fourth quarters when around $1.3 billion and $950 million were lost in 2022, respectively. It is expected that the low rate of loss can be related to the off-chain events which affected the whole crypto industry including Silvergate Bank issues and de-pegging of the USDC coin, added Cointelegraph.

It is believed that BNB Chain had 139 incidents, the largest number of incidents and Ethereum lost $221 million, the most in Q1 2023 respectively. Sources revealed that over $31 million was lost in 90 exit scams and more than $222 million was lost in 52 flash loan and oracle manipulation exploits. On March 13, 2023, over $195 million was hacked through a flash loan exploit, Cointelegraph highlighted. 

Furthermore, on April 4, 2023, Euler Finance stated that around 90% of the lost funds were extracted after negotiating with the hacker for a month, Cointelegraph concluded. 

(With insights from Cointelegraph) 

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First published on: 08-04-2023 at 12:37 IST