Q1 Hack3d Report | Euler Finance | CertiK Analysis Report - How did this happen? Let's take a look.
Malicious actors stole over $320 million of value from Web3 protocols across 207 separate incidents in Q1 2023. This represents just over a third of the $950 million lost in Q4, and a quarter of the $1.3 billion lost in Q1 2022.
Just one incident – the Euler Finance exploit at $197 million – represented over 60% of all value lost in Q1. This highlights the asymmetrical rewards on offer for successful exploits of large protocols.