Tech

Cryptocurrency Mining Losses Dropped 93% YoY in January, Blockchain Security Firm Says


January seems to have seen a revival of the crypto sector after seeing a spectacular crash in the second half of last year. The majority of crypto assets have not only increased in value proportionally last month, but losses incurred by crypto mining have also decreased by 93% in January compared to the same month last year. A report by a blockchain security firm notes that stolen crypto funds are still being transferred to destination wallets via crypto mixers like Tornado Cash, despite increasing scrutiny of the cryptocurrency market. with these services.

A total of 24 cryptocurrency mining cases were recorded by blockchain security firm PeckShield last month. In total, these mines amount to $8.8 million (about Rs 72 crore). In January 2022, the company estimated the value of crypto funds lost to mining to be around $120 million (approximately Rs 980).

In his findings, PeckShield claims that LendHub suffered its biggest vulnerability in the last month. DeFi lending and lending platform lost $6 million (approximately Rs 50 crore) during mining, which is 68% of the total lost.

Thereum Finance and Midas Capital were also hacked, losing $580,000 (approximately Rs 5 crore) and $650,000 (approx Rs 5.5 crore) this January, causing notable crashes, according to CoinTelegraph report.

Despite these incidents, the amount lost to crypto mining last month was 68% lower than in December.

Out of all the funds that were stolen, crypto assets worth $2.6 million (approximately Rs 21) were sent to Cryptocurrency mixer. These include Binance Coin and Ether.

Back in 2022, the top ten hacking attacks that affected the crypto sector resulted in over $2 billion in losses (approximately Rs 17,181 crore).

Industry experts have regularly predicted that as more countries introduce legislation to regulate the crypto space, the number of hack attacks that hit the industry is likely to decrease.

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