In March 2024, the crypto theft incidents saw a significant decrease, with malicious actors stealing approximately $79 million from decentralized finance (DeFi) projects, marking a 48% drop compared to February. CertiK’s data revealed that targeted exploits on protocols led to the highest losses amounting to $52.1 million, followed closely by flash loan attacks and phishing scams resulting in combined losses of around $43 million. Exit scams also accounted for $5.7 million in losses during the month.
One of the major crypto theft incidents in March involved Curio’s MakerDAO-based smart contract on Ethereum, with initial estimates indicating a loss of $16 million, which later was suggested to be closer to $40 million. Prisma Finance experienced the second most substantial loss with a flash loan attack leading to a theft of approximately $12.4 million. Notable hacks also affected platforms like NFPrompt and WooFi decentralized exchange, resulting in losses of around $10 million and $8.5 million, respectively. Other incidents included NFT platform Remilia and Web3 gaming platform Super Sushi Samurai, which lost approximately $4.7 million and $4.6 million, respectively.
Despite the decrease in crypto theft incidents, asset returns surged in March, with owners recovering about $69.2 million, a significant increase from the $7.8 million returned in February. A significant asset return occurred on the Ethereum layer-2 network Blast-based gaming platform Munchables when a North Korean attacker voluntarily returned $62 million stolen from the platform without demanding a ransom. The incident was identified by Munchables as one of its developers, and Blast core contributors announced that $97 million in crypto stolen during the incident had been secured.
While the decline in crypto theft incidents and the increase in asset returns are positive signs, the security of digital assets in the crypto industry continues to be a major concern. Investors must remain vigilant in protecting their investments from potential hacks and scams, as the industry still faces challenges in ensuring the safety of digital assets. The question of whether crypto is safe now remains unanswered, highlighting the need for continued efforts to enhance security measures and protect investors from malicious activities in the future.
