$211 Million Worth Crypto Withdrawn in 26 Hacks in March: PeckShield

$211 Million Worth Crypto Withdrawn in 26 Hacks in March: PeckShield

Blockchain security company – PeckShield – outlined that miscreants stole $211.5 million worth of cryptocurrencies through 26 attacks last month.

The Euler Finance exploit accounted for most of the amount after hackers stole $197 million in staked ETH, USDC, wrapped BTC, and DAI.

March wasn't all sunshine and roses

The revival of the cryptocurrency market last month and the rising prices of many digital assets seemed to be great news for investors and industry advocates. However, this dynamic coincided with an increase in hacking attacks.

As PeckShield revealed, cybercriminals withdrew more than $211 million worth of crypto in March, a significant increase compared to the $35.3 million lost in February.

The Euler Finance exploit, which resulted in nearly $200 million in digital assets being siphoned off, accounted for over 93% of the total supply. Decentralized finance (DeFi) project SafeMoonrankedSecond with losses of $8.7 million, while ParaSpace lost $5.2 million.

Attacks on General Bytes ATM ($1.7 million), Tender.fi ($1.58 million), and Swerve Finance ($1.3 million) also formed the bigger picture.

#PeckShieldAlert ~26 exploits grossed $211.5 million in March 2023.
Regarding the @eulerfinance exploit, the estimated loss is $197 million. The exploiter returned 84,963.4 $ETH (~$152.8 million) and 29.9 million $DAI to the deployer, and he has already transferred 1,100 $ETH to Tornado Cash pic.twitter.com/kf2Ul4uIun

— PeckShieldAlert (@PeckShieldAlert) March 31, 2023

The Euler financial drama

The DeFi lending protocol made headlines in mid-March after hackers breached its security andembezzleAlmost $200 million in crypto assets. The culprit borrowed a significant amount of money through Euler's platform and later withdrew the tokens in a so-called flash loan attack.

Shortly afterwards the entityofferedThe perpetrator must keep approximately $20 million if he returns the remaining funds. They were hesitant to accept the deal and instead merged the crypto into Tornado Cash just hours after the proposal was published.

However, the hacker behind the exploit, named “Jacob,” changed his tune towards the end of the month and sent over $100 million worth of ETH back to the protocol.They went even further in the following days,Excuse mefor the crime and the return of more assets.

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