PeckShield: Crypto Hacks Went Down Nearly 50% in March 2024

A Respite in the Storm: March Sees Decrease in Crypto Hacking Losses

• The cryptocurrency market reported a 48% decrease in hacking losses in March, compared to February.
• Munchables suffered the most significant breach, with a recovery after the hacker’s exposure.
• The first quarter of 2024 saw a 17.5% reduction in losses from hacks compared to the same period in 2023.

The cryptocurrency market recently experienced a significant decrease in financial losses due to hacks in March 2024. According to PeckShield, a blockchain security firm, losses dropped by nearly 50% compared to the previous month, marking a substantial improvement in security dynamics within the industry.

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March 2024: A Dip in Crypto Hacking Losses

In March, the crypto market faced over 30 hacking incidents, leading to approximately $187.29 million in losses. However, efforts to recover these losses proved somewhat successful, with about $98.8 million being reclaimed. This recovery effort significantly reduced the net loss to the industry. Notably, this loss figure represented a decrease of around 48% compared to February, when the losses from hacks had exceeded $360 million.

One of the most impacted projects was Munchables, which suffered a significant breach. A team member purportedly associated with North Korea allegedly stole over $60 million in cryptocurrencies from Munchables. Interestingly, the individual returned the funds after their identity was exposed.

Significant Breaches: Spotlight on Munchables

Despite this reduction in losses for March, the figures still surpassed those recorded in January, where the market encountered $182.5 million in losses. On a broader scale, the first quarter of 2024 saw a 17.5% reduction in losses due to hacks compared to the same period in 2023. This period experienced a total of 46 hacks and 15 instances of fraud, highlighting the ongoing threat posed by cybercriminals in the digital asset space.

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First Quarter Analysis: Comparing Year-on-Year Losses

The most devastating attacks during this quarter included the Orbit Bridge hack, which resulted in $81 million in losses, and the aforementioned Munchables incident. Data from Immunefi, a platform for blockchain security, reveals that hacking remains the primary method of theft in the crypto space, accounting for a staggering 95.6% of total losses, while fraud makes up a minor 4.4%.

Other significant hacks during the month included the Curio hack, the Prisma Finance breach, the NFPrompt hack, and the WOOFi exploit. The Curio hack was particularly notable, with initial loss estimates of $16 million later revised to nearly $40 million, ranking it second in terms of loss magnitude for the month.

These statistics underscore the persistent challenges that the cryptocurrency industry faces in terms of security. While the reduction in losses is a positive development, the high frequency of hacking incidents indicates that security remains a paramount concern for investors and companies within this sector.

The decrease in cryptocurrency hacking losses in March 2024 reveals an interesting trend in the landscape of cyber threats facing the industry. The efforts of blockchain security firms like PeckShield played a crucial role in this outcome, as they managed to recover a substantial portion of the stolen funds. The total losses from over 30 hacking incidents in March amounted to $187.29 million, but recovery efforts brought back about $98.8 million of that amount.

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