Security Firms Report $320M Lost to Crypto Hacks in Q1 2023

Q1 2023 Crypto Exploits and Hacks

Overview of Losses

The first quarter of 2023 saw hackers gain access to more than $320 million in crypto, according to on-chain data consolidated by blockchain security firm CertiK. This amount was significantly lower than the losses seen in Q1 2022 and Q4 2022, which amounted to $1.3 billion and $950 million respectively. The majority of these losses came from a single flash loan exploit on Euler Finance, which resulted in over $195 million being stolen.

Incidents by Blockchain

BNB Chain had the highest number of incidents during this period, with 139 reported cases. Despite having fewer incidents, Ethereum was the blockchain that suffered the most losses, with over $221 million being taken out due to hacks and exploits.

Recovery Efforts

Fortunately for victims of crypto hacks, some projects were able to recover large amounts of their lost funds through negotiations with hackers. Euler Finance managed to reclaim around 90% of its stolen funds after reaching an agreement with the hacker behind the incident. Similarly, Sentiment also recovered around $870,000 after offering a bounty for those responsible for taking almost a million dollars from its platform.

Preventative Measures

In order to prevent similar events from occurring in future quarters it is important for developers to be aware of potential vulnerabilities within their codebase as well as any external issues that could have an impact on their protocols or smart contracts (e.g., Silvergate Bank or USDC). Companies should also focus on implementing robust security measures such as multi-signature authorization or two-factor authentication when handling large amounts of funds or sensitive information.


Crypto hacks and exploits are becoming increasingly common but companies can take steps to protect themselves by being proactive about security and remaining vigilant against malicious actors who might try to take advantage of weaknesses within their systems or other external factors that could put their users at risk.