Crypto Losses Plummet to 11-Month Low in February

Crypto losses hit an 11-month low in February, according to blockchain security firm PeckShield. The total losses from hacks and scams fell to $26.5 million, a decline of 69.2% from January's figure of over $86 million.

The result marks the lowest monthly loss since March last year, with PeckShield tracking 15 incidents in February. Two events accounted for the bulk of the total losses, including a $10 million theft from YieldBlox's DAO-managed lending pool via a price manipulation attack on February 21, and an $8.9 million private key exploit targeting decentralized identity protocol IoTeX.

A PeckShield spokesperson attributed the decline to a sharp market correction in early February, which shifted the industry's focus toward institutional deleveraging and liquidity management rather than protocol exploits. The spokesperson also noted that during high-volatility periods, attention typically moves away from targeting protocols and toward navigating market liquidity conditions.