The month of January seemingly witnessed the revival of the crypto sector, which experienced a spectacular collapse in the second half of last year. Over the past month, not only have most crypto assets increased in their respective values, but losses from crypto exploits have reportedly fallen 93 percent in January compared to the same month last year. A report by a blockchain security firm notes that stolen crypto funds are still being funneled to target wallets via crypto mixers like Tornado Cash, despite increased scrutiny on those services.
A total of 24 crypto exploits were recorded by blockchain security firm PeckShield in the past month. Collectively, these exploits amounted to US$8.8 million (around Rs.72 billion). In January 2022, the company had estimated the value of crypto funds lost in exploits at around US$120 million (about Rs 980 million).
in his knowledge PeckShield claimed that the biggest exploit of the last month was suffered by LendHub. The DeFi lending and borrowing platform lost US$6 million (approximately Rs.50 billion) during the exploit, accounting for 68 percent of the total funds lost.
Thereum Finance and Midas Capital also suffered hacks, losing US$580,000 (about Rs.5 billion) and US$650,000 (about Rs.5.5 billion) this January, leading to notable incidents according to CoinTelegraph report.
Despite these incidents, the amount of funds lost to crypto exploits last month was 68 percent lower than in December.
Of all the stolen funds, $2.6 million (about Rs. 21 billion) worth of crypto assets were sent to them Crypto Mixer. These include Binance Coin and Ether.
In 2022, the top ten hacks affecting the crypto sector resulted in a loss of over US$2 billion (around Rs.17,181 billion).
Industry experts have regularly predicted that as more and more nations introduce laws to regulate the crypto space, the number of hacks hitting the industry is likely to decrease.
