The January figures are 92.7% lower than the $121.4 million

During the month of January, there was a sharp drop in losses from exploits compared to the same time period last year. This was more encouraging news for the sector, which came on the heels of the bullish rise that occurred in the cryptocurrency market during the month of January.

PeckShield, a company that specialises in blockchain security, released statistics on January 31 indicating that crypto attacks caused $8.8 million worth of damages in the month of January.

During the course of the month, there were 24 exploits, and a total of $2.6 million worth of cryptocurrency was transmitted to mixers like Tornado Cash. The proportion of assets that were transferred to mixers is as follows: 1,200 Ether (ETH) and about 2,668 BNB (BNB).

The statistics for January are 92.7% lower than the $121.4 million that was lost to exploits during the same month in 2022.

According to PeckShield’s findings, the greatest exploit from the previous month was a Jan. 12 assault on LendHub that resulted in the theft of $6 million from the decentralised finance lending and borrowing platform. This attack accounted for 68% of the overall exploits.

Other major exploits that occurred during the month included an assault on Thoreum Finance that resulted in a loss of $580,000 and an attack on Midas Capital that resulted in a loss of $650,000 via a flash loan scam.

According to PeckShield, the number for January is also down 68% from the amount that was lost due to exploits in the month of December 2022, which was over $27.3 million.

According to DeFiYield’s Rekt database, there was a rug pull on the FCS BNB Chain token that cost $2.6 million but was not included in the data’s tally of losses. According to the data provided by DeFiYield, there was an additional loss of $150,000 due to bogus BONK tokens as well as a loss of $200,000 due to a rug pull on the Doglands Metaverse gaming platform.

On January 4, a phishing attempt was launched against the GMX decentralised trading system, which resulted in at least one victim losing as much as $4 million.

In addition, the company said that the amount of cryptocurrency that was taken in December, $62 million, was the “lowest monthly number” in 2022.

At the conclusion of the previous year, the ten greatest exploits of 2022 had resulted in a staggering $2.1 billion being stolen from various cryptographic algorithms.