Crypto Scams Down 71% YoY, Over $370M Lost Since January

• The crypto sphere lost $372 million to scams and exploits in the first quarter of 2023, according to a recent report from Rekt Database/De.Fi.
• Euler Finance, BonqDAO, and CoinDeal suffered the top three most considerable losses with $196 million, $120 million, and $45 million respectively.
• BNB chain emerged as the most popular chain for crypto criminals with 18 episodes out of 47 recorded during the first three months of the year.

Crypto Scams and Exploits Down 71% YoY

A recent report from Rekt Database/De.Fi shows that the crypto sphere lost $372 million to scams and exploits in the first quarter of 2023. This amount reflects a 71% decrease from the same period last year which saw $1.2 billion being lost to scams and exploits.

Biggest Losers

The report noted that Euler Finance, BonqDAO, and CoinDeal contributed the most to this amount with losses of $196 million, $120 million, and $45 million respectively. On March 13th Euler finance suffered a flash loan attack leading to its biggest loss yet followed by BonqDAO’s oracle issue on February 2nd which resulted in a loss of $120 million. Lastly CoinDeal scheme was busted on January 4th resulting in a loss of 45 million dollars throughout its operations until then.

Most Attacked Chains

When categorizing attacks based on their chain BNB Chain (BNB) emerged as the most popular chain for crypto criminals with 18 episodes out of 47 recorded during this period accounting for over 38% of all attacks made within these 3 months.

Flash Loan Attacks Most Significant

The report also noted that flash loan attacks were responsible for most significant losses during Q1 2023 while oracle issues followed as second corresponding with methods used by two biggest attacks recorded within these months (Euler Finance & BonqDAO).

Conclusion

To conclude this article it is evident that despite total losses being down 71% compared to last year’s figures there are still significant amounts being lost due to malicious activity within this space highlighting a need for more robust security protocols when it comes to protecting digital assets against such threats going forward