According to a report from De.Fi, an app provider, losses from crypto theft in the first quarter of 2023 were down to $322 million, compared to $1.3 billion in the same period last year. However, despite the improvement, the recovery rate was also down. Nearly half of the losses ($215 million) occurred in the first three weeks of March, with Euler Finance and Bonq DAO being the biggest losers at $196 million and $120 million, respectively.
Although Ethereum suffered the highest losses in dollar terms, Binance was involved in 18 incidents compared to Ethereum’s 10. Decentralized finance (DeFi) suffered the most significant losses at $336 million, despite only accounting for five incidents. While DeFi was the most affected, losses on decentralized exchanges and from crypto tokens and nonfungible tokens likely impacted retail users.