Losses from cryptocurrency exploits dropped 93% in January.

The website cryptocurrencies have experienced a strong rebound in early 2023but that’s not the only good news from the ecosystem, as January saw a sharp drop of more than 90% in losses due to exploits (vulnerabilities or bugs in the code).

According to data from the blockchain security company. PeckShieldtotal losses due to exploits in the cryptocurrency market amounted to 8.8 million in January, a decrease of 92.7%. than the $121.4 million recorded during the same month of the previous year. PeckShield analysis shows that 24 exploits took place during the monthwith $2.6 million worth of cryptocurrency sent to mixers like Tornado Cash, including 1,200 Ethereum (ETH) tokens or over 2,600 Binance (BNB) coins.

HAS mixer or “mixer” is a supplier whose service consists of mixing cryptocurrencies with the aim of concealing the trace they leave on the blockchain in order to hide the identity of the holder. thanks to the breaking of the link between the funds and the user. This type of platform receives funds from users, divides and mixes them, and then returns them to users.

PeckShield noted that the biggest exploit of early 2023, which accounted for 68% of total losses, was a January 12 attack on lender LendHub that stole $6 million from the platform. Other notable attacks during the month included Thoreum Finance, which lost $580,000, and Midas Capital, which lost $650,000.

On the other hand, PeckShield points out, the $8.8 million in losses from exploits in January amount to €1.5 billion. 68% decrease month-over-month against 27.3 million last December. It should be noted that the top ten exploits in 2022 resulted in the theft of $2.1 billion..

Still, blockchain security firm CertiK assured “CoinTelegraph” early last month that it was “unlikely” that there would be a slowdown in these and other types of attacks (phishing, etc.) throughout 2023.

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