Hackers were able to gain access to more than $320 million just in the first quarter of 2023, according to on-chain data consolidated by the quarterly report released by blockchain security firm CertiK.
The losses were significantly low when compared to 2022’s first and fourth quarters, where hackers were able to take around $1.3 billion and $950 million respectively. According to CertiK, the low amount of losses to hacks may be linked to the events happening off-chain that has an impact on the crypto industry as a whole. This includes the
While the number of hacked funds looks enormous at a glance, a huge chunk of the funds lost to hacks was recovered through negotiations with hackers. On April 4, Euler Finance announced that they were able to recover around 90% of the lost funds after almost a month of back-and-forth negotiations with the hacker.
This trend has been witnessed in the space more frequently with other hacks following Euler’s example. On April 6, lending protocol Sentiment also recovered around $870,000 after giving a bounty of $95,000 to the ones responsible for taking almost a million dollars from the platform.