The losses were significantly lower compared to the first and fourth quarters of 2022, when the crypto space witnessed $1.3 billion and $950 million in losses.
Out of the stolen funds within the quarter, over $31 million were lost to 90 exit scam incidents while more than $222 million were lost in 52 flash loan and oracle manipulation exploits.
In terms of incidents and the amount lost per blockchain, CertiK highlighted that BNB Chain had 139 incidents, which is the most number of incidents in the quarter. Meanwhile, despite having fewer incidents, Ethereum had $221 million in losses, the most amount lost in the first quarter of 2023.Despite being a lot lower than last year’s Q1 and Q4, the first quarter of 2023 was still met with hundreds of millions lost, with 60% coming from the recent Euler Finance hack.
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