According to a recent report from the makers of Rekt Database, De.Fi (formerly DeFiYieldApp.)
According to the report, Euler Finance, BonqDAO and CoinDeal suffered the top three losses with $196 million, $120 million and $45 million respectively.
Losing Q1
The amount lost to scams and exploits showed steady growth from January to March. The $14.6 million recorded in January grew 875% in February to reach $142.4 million. This amount grew by another 50% to $215 million in March.
It’s worth noting that this year’s $372 million reflects a 71% decline from the $1.2 billion recorded in the first quarter of 2022.
Biggest Losers
The report also noted that Euler Finance, BongDAO and CoinDeal contributed the most to the amount lost to exploits and schemes.
On March 13, Euler Finance suffered a flash loan attack and lost $197 million, topping the charts as the leading loss of the first quarter of 2023. BonqDAO followed Euler Finance in losing $120 million to an oracle issue on 2 February. CoinDeal scheme ranks third as it raised $45 million until it was caught on January 4.
The total amount lost by Euler Finance and BonqDAO was $317 million, which accounts for 85% of total losses since January. The report also noted that payday loan attacks resulted in the largest losses during the first three months of the year, while oracle problems followed as the second, matching the methods of the first quarter’s two major attacks.
Chains most attacked
When the attacks are categorized by their chain, BNB Chain (BNB) emerged as the most popular chain for crypto criminals. BNB Chain suffered 18 episodes out of 47 recorded episodes during the first three months of the year, accounting for more than 38% of attacks.
Ethereum (ETH) followed BNB Chain as the second most popular choice by being the target of 10 attacks, accounting for 21% of attacks. Arbitrum (ARB) was third with seven attacks in the first quarter of 2023.
Recovery rate
According to figures, the losses recorded in January and February accounted for 42% of total losses in the first quarter of 2023, with a recovery rate of zero. Only $1.4 million was recovered in March, offsetting less than 0.3% of total losses since January.
This rate appears significantly lower than the recovery rate recorded in the first quarter of 2022. In the first three months of 2022, more than $1.2 billion was lost to scams and exploits. Of that amount, $520 million was recovered, accounting for 40% of the total amount lost.
