The BLIN Analytics Crypto crime report: January — April 2023
In the first four months of 2023 54 DEFI projects and 2 CEX fell victim to hacks or rugpull. The total loss is about $435M. The biggest hack is the Euler Finance hack with $197M stolen.
Pic. 1: Top10 hacks for the first four months of 2023
The largest amount was stolen in March, mainly due to the Euler Finance hack, which accounted for over 90% of all stolen funds in March.
Pic. 2: Distribution of losses of Defi projects and centralized exchanges by months
Most of the DEFI projects and CEX have lost due to hacks and exploitation of smart contract vulnerabilities.
Pic. 3: Distribution of theft and rugpull based on the value of stolen assets
Most of the hacks happened on the BSC and ETH networks. In third place in terms of attractiveness for hackers was the Arbitrum network. The openness of smart contracts on these networks makes it easy for hackers to find vulnerabilities. Reentrancy attacks and price manipulation attacks are still in the lead.
Pic. 4: Number of hacks per network for the first four months of 2023 by networks
The number of hacks that happened on BSC network is larger than the number of hacks on ETH, but the amount of the assets stolen on ETH is much larger (85.37% of all stolen funds).
Pic. 5: Stolen funds distribution across networks for the first four months of 2023
In case of rugpulls the situation is similar in terms of the distribution of the number of rugpull cases across different blockchains. The Ethereum network has experienced the most cases of theft of funds by the creators of DeFi protocols.
Pic. 6: Distribution of the number of cases of rugpulls for the first four months of 2023 by networks.
However, in terms of the amount of lost funds, the Optimism network is the undisputed leader. Despite the fact that we recorded only one case of rugpull in this network for the first four months of 2023 — Kokomo Finance, the amount of funds lost in this case is $4M, which is 42.64% of all funds lost due to rugpulls during this period.
Pic. 7: Rugpulls distribution across networks for the first four months of 2023