Last month, cyber criminals stole $211.5 million worth of cryptocurrencies through 26 attacks, according to PeckShield, a blockchain security company. The Euler Finance hack accounted for the largest amount, resulting in the theft of $197 million in staked ETH, USDC, wrapped BTC, and DAI.
March Was Not All Sunshine and Roses
While the cryptocurrency market experienced a revival last month, with prices of many digital assets increasing, hacking attacks ramped up too. PeckShield revealed that hackers drained over $211 million worth of crypto in March, a significant rise from the $35.3 million lost in February.
Of the total amount stolen, 93% was from the Euler Finance hack. SafeMoon ranked second with $8.7 million in losses, while ParaSpace lost $5.2 million. The attacks on General Bytes ATM ($1.7 million), Tender.fi ($1.58 million), and Swerve Finance ($1.3 million) completed the picture.
#PeckShieldAlert ~26 exploits grabbed $211.5M in March 2023.
Regarding the @eulerfinance exploit, the estimated loss is $197M. The exploiter has returned 84,963.4 $ETH (~$152.8M) and 29.9M $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 Finance Drama
Euler Finance, a DeFi lending protocol, suffered a hack in mid-March with cyber criminals stealing almost $200 million in crypto assets. The flash loan attack breached the platform’s security and resulted in the theft of ETH, USDC, wrapped BTC, and DAI. Euler Finance offered the perpetrator around $20 million to return the funds, but the hacker was reportedly reluctant and instead mixed the crypto in Tornado Cash. Towards the end of the month, the cyber criminal, known as “Jacob,” returned over $100 million worth of ETH to the protocol, and continued to apologize and return more assets in the following days.