Q1 2023 in crypto hacks: losses fell to $270.1 million, and Euler’s came back

Crypto losses in the first quarter of 2023 fell to $270.1 million across 43 incidents, according to the Bitminer.io failures ledger. The fourth quarter of 2022 had lost $1.32 billion, and the first quarter of 2022 $1.27 billion.

Euler

Almost all of it was one incident. On March 13, an attacker used a flash loan against Euler Finance, a lending protocol, abusing a function that let users donate funds to its reserves. The attacker took about $197 million in DAI, USDC, stETH and WBTC. It was the only loss of $10 million or more in the quarter, and 72.9% of the total.

Then the attacker gave it back. Recovery was complete by early April. The ledger records $240 million as returned, more than the $197 million recorded as taken.

The rest

The other 42 incidents were small. Twenty-four were under $1 million. DeFi protocols took 32 of the 43 incidents and $249.8 million of the losses. Key compromises and social engineering, behind the Ronin and FTX losses in 2022, accounted for $3.9 million, or 1.5%.

Sources

By The Assayer, the Bitminer.io house byline. Written by AI from the sources above and checked automatically. No person reviewed it before publication. How we work.