Source: Cointelegraph Original: "{title}"
In March, losses in the cryptocurrency sector due to scams, exploits, and hacking attacks plummeted to $28.8 million, a stark contrast to the $1.5 billion peak loss following the Bybit hack in February.
Blockchain security firm CertiK noted in a post on the X platform on April 1 that code vulnerabilities were the primary cause of the losses (over $14 million), followed by stolen wallets (over $8 million).
The most severe security incident of the month occurred on March 25, when the decentralized lending protocol Abracadabra.money suffered an attack due to a smart contract vulnerability, resulting in a loss of $13 million.
After deducting returned funds, a total of $28.8 million was stolen in March through exploits, hacks, and scams. Source: CertiK.
In another report on March 27, CertiK stated: "Attackers were able to borrow funds, self-liquidate, and then borrow again without repayment."
CertiK explained: "This was due to the liquidation process not covering records considered collateral in RouterOrder, allowing attackers to falsely borrow more funds after liquidation."
According to CertiK, the project team has offered a 20% bounty (double the standard 10%) in exchange for the return of funds. As of now, there have been no public updates on whether the funds have been returned.
The second-largest loss event of the month occurred in the re-staking protocol Zoth, where the deployer's wallet was compromised, and attackers withdrew over $8.4 million in crypto assets.
As hackers returned some funds, March's cryptocurrency losses decreased.
CertiK stated that the total amount stolen in March exceeded $33 million, but the decentralized exchange aggregator 1inch successfully recovered most of the $5 million stolen on March 5 after reaching a bounty agreement with the attackers.
However, these total figures do not include an unidentified Coinbase user, who, according to crypto detective ZachXBT, lost 400 Bitcoin (BTC), valued at $34 million. Additionally, ZachXBT indicated that phishing scams impersonating cryptocurrency exchanges may have caused losses exceeding $46 million in March.
On March 21, the Australian Federal Police stated that they had issued warnings to 130 individuals, alerting them to information scams targeting cryptocurrency users, which impersonated the "sender ID" of legitimate cryptocurrency exchanges.
On March 14, X platform users also reported information from impersonated cryptocurrency exchanges, attempting to lure users into using recovery phrases pre-generated by scammers to set up new wallets.
Related: zkLend hacker claims heavy losses of stolen ETH due to Tornado Cash phishing site.
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