BNB Chain (formerly Binance Smart Chain) was the most attacked network in Q1 2023, Immunefi has calculated. According to the report called "Crypto Losses in Q1 2023," BNB Chain faced 33 incidents in the first three months of 2023, while Ethereum witnessed 22 incidents.
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In total, there were only 2 major exploits of the quarter (Euler Finance and BonqDAO), which totaled $317 million alone, accounting for 72.5% of all losses in Q1 2023, the firm noted.
The researchers say hacks remain the predominant cause of losses in Q1 2023 as compared to frauds, scams, and rug pulls. While hacks accounted over 95%, fraud accounts for only 4.3% of the total losses.
In total, crypto investors lost over $418.5 million due to hacks in Q1 2023 across 59 specific incidents, which is a 65.6% decrease compared to Q1 2022, when losses totaled $1.2 billion.
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