Cointelegraph reported that besides the bullish crypto market rally in January, there was another piece of positive news for the industry, as the losses from exploits saw a sharp decline compared to the same period in the previous year.

Data from blockchain security company PeckShield on January 31st revealed that the total losses from crypto exploits in January were $8.8 million.

During the month, there were 24 incidents of exploits, resulting in $2.6 million worth of crypto being sent to mixers, such as Tornado Cash. The breakdown of assets sent to these mixers included 1,200 ETH and around 2,668 BNB.

PeckShield reported that the most significant exploit in January, accounting for 68% of the total losses, was an attack on LendHub on January 12th, which resulted in the theft of $6 million from the decentralized finance lending and borrowing platform.

Other significant exploits for the month included Thoreum Finance, which lost $580,000, and Midas Capital, which was exploited for $650,000 in a flash loan attack.

The figures for January also showed a 68% decrease from December 2022, when losses from exploits were close to $27.3 million, according to PeckShield.

Other losses not included in the data were a $2.6 million rug pull on the FCS BNB Chain token, according to the Rekt database by DeFiYield. Additionally, DeFiYield reported losses of $150,000 to fake BONK tokens and $200,000 from a rug pull on the Doglands Metaverse gaming platform.

Furthermore, a phishing attack on the GMX decentralized trading protocol on January 4th resulted in a victim losing as much as $4 million.

$62M in Crypto Stolen in December Was The Lowest Monthly Figure of 2022

According to CertiK, December 2022 saw the fewest incidents of cryptocurrency theft in 2022, with a total of 23 major cases reported.