Hackers were able to gain access to more than $320 million in the first quarter of 2023 alone, according to on-chain data consolidated by blockchain security firm CertiK in its quarterly report.

The losses were significantly lower than in 2022’s first and fourth quarters, when hackers took around $1.3 billion and $950 million, respectively. According to CertiK, the low amount of losses may be linked to events happening off-chain that had an impact on the crypto industry as a whole, such as the

While the amount lost to hacking looks enormous at a glance, a huge chunk of the funds was recovered through negotiations with hackers. On April 4, Euler Finance announced that it was able to recover around 90% of the lost funds after almost a month of back-and-forth negotiations with the hacker.

This trend has been witnessed in the space more frequently with other hacks following Euler’s example. On April 6, lending protocol Sentiment also recovered around $870,000 after giving a bounty of $95,000 to those responsible for taking almost a million dollars from the platform.

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