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Crypto Theft Drops by 48% in March: Are Crypto Assets Becoming More Secure?

Cryptowire Report: March Crypto Theft Trends

In March, the crypto community witnessed a significant decrease in theft incidents, with malicious actors targeting decentralized finance (DeFi) projects and stealing approximately $79 million. This marked a 48% drop from the $160 million stolen in February.

Contributing Factors to Losses

  • Targeted exploits on protocols resulted in the highest losses, totaling $52.1 million.
  • Flash loan attacks and phishing scams combined led to losses of around $43 million.
  • Exit scams accounted for an additional $5.7 million in losses.

Major Crypto Hacks in March

Several notable incidents occurred in March:

  • Curio’s MakerDAO-based smart contract on Ethereum experienced a theft initially estimated at $16 million, potentially rising to $40 million.
  • Prisma Finance faced a $12.4 million loss due to a flash loan attack.
  • NFPrompt, a Binance-backed platform, lost approximately $10 million to unauthorized access.
  • WooFi decentralized exchange suffered losses of roughly $8.5 million.

Asset Returns on the Rise

As theft activities decreased, asset returns surged in March:

  • Owners recovered about $69.2 million, a significant increase from the $7.8 million returned in February.
  • One of the biggest returns was on the Ethereum layer-2 network Blast-based gaming platform Munchables, where a North Korean attacker returned $62 million without demanding a ransom.

While the decline in theft incidents and the rise in asset returns are positive developments, the security of digital assets remains a concern in the crypto industry. Investors are advised to stay vigilant against potential hacks and scams.

Ian Bennett
Written By

Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.

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Name Price24H (%)
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4.36%

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