In March, crypto theft incidents saw a significant decrease, with malicious actors stealing around $79 million from DeFi projects, marking a 48% drop compared to February. CertiK’s data revealed that targeted exploits on protocols resulted in the highest losses, totaling $52.1 million, followed by flash loan attacks and phishing scams totaling approximately $43 million. Exit scams also contributed to losses, amounting to $5.7 million. Major hacks in March included Curio’s MakerDAO-based smart contract, with initial estimates suggesting a $16 million loss but later revised to possibly $40 million. Prisma Finance experienced a $12.4 million theft through a flash loan attack, and NFPrompt, a Binance-backed platform, lost around $10 million due to unauthorized access. The WooFi decentralized exchange faced losses of approximately $8.5 million.
Asset returns in March experienced a surge as crypto theft activities decreased. Owners recovered about $69.2 million in stolen assets, a significant increase from the $7.8 million returned in February. One of the largest asset returns occurred on the Ethereum layer-2 network Blast-based gaming platform Munchables, where a North Korean attacker voluntarily returned $62 million stolen without demanding a ransom. On the same day, Blast core contributors announced that $97 million in stolen crypto had been secured. Despite the decline in theft incidents and the rise in asset returns, the question of whether crypto is safe remains. The industry continues to face challenges in ensuring the security of digital assets, and investors must remain vigilant in protecting their investments from potential hacks and scams.
Phishing accounted for approximately $21 million of the total losses in March, while exit scams amounted to $5.7 million. Flash loans accounted for about $21.9 million in losses, followed by targeted exploits on protocols with $52.1 million. Some other notable crypto theft incidents in March include the NFT platform Remilia and the Web3 gaming platform Super Sushi Samurai, which lost around $4.7 million and $4.6 million, respectively. The NFPrompt platform, a Binance Launchpool project, also experienced a breach resulting in approximately $10 million in losses due to unauthorized access.
CertiK’s data highlights the overall decrease in crypto theft incidents in March, with owners recovering a significant amount of stolen assets. The increase in asset returns is a positive development, indicating some progress in mitigating theft activities within the crypto space. However, the security of digital assets remains a pressing concern, and the industry must continue to focus on improving security measures to protect investors and prevent potential hacks and scams. As the crypto landscape evolves, individuals and entities involved in the market must prioritize cybersecurity to safeguard their investments and maintain trust in the ecosystem.
