The figures for January 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 period last year. This was more encouraging news for the sector, which came hand in hand with the bullish rise that occurred in the cryptocurrency market during the month of January.

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

Over the course of the month, there were 24 exploits and a total of $2.6 million in cryptocurrency was transmitted to mixers like Tornado Cash. The proportion of assets that were transferred to the mixers is as follows: 1200 Ether (ETH) and around 2668 BNB (BNB).

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

According to PeckShield’s findings, the biggest exploit of the previous month was an assault on LendHub on January 12 that resulted in the theft of $6 million from the decentralized finance lending and lending platform. This attack accounted for 68% of the overall vulnerabilities.

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

According to PeckShield, the January figure is also 68% less than the amount lost to exploits in December 2022, which exceeded $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 loss count of the data. According to data provided by DeFiYield, there was an additional $150,000 loss due to fake BONK tokens, as well as a $200,000 loss due to a rug pull on the Doglands Metaverse gaming platform.

On January 4, a phishing attempt was launched against the decentralized trading system GMX, resulting in at least one victim losing up to $4 million.

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

As of the end of the previous year, the top ten biggest exploits of 2022 had resulted in a staggering $2.1 billion being stolen from various cryptographic algorithms.