Losses to crypto scams, exploits, and hacks fell to $28.8 million in March, significantly lower than the $1.5 billion recorded in February due to the Bybit hack. According to blockchain security firm CertiK, code vulnerabilities were the leading cause of losses, amounting to over $14 million, while wallet compromises contributed more than $8 million. The largest loss in March was attributed to the protocol Abracadabra.money, which lost $13 million due to an exploit allowing the attacker to falsely borrow funds without repayment. CertiK noted that some funds were returned, as decentralized exchange aggregator 1inch successfully negotiated a bug bounty agreement, recovering a portion of the stolen amount. Phishing scams also posed a threat, with estimates suggesting over $46 million might have been lost to scams impersonating legitimate exchanges during the month. The report highlights the evolving landscape of crypto security and the varied methods employed by attackers to compromise funds.

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