In March 2024, the crypto space, experienced a mixed episode, with over 30 hacking cases recorded, resulting in a staggering $187.29 million. The tremendous losses caused by the theft do not steal the show entirely. About $98.8 million, accounting for more than half of the funds were returned, demonstrating the crypto community’s power in the fight against hackers.
Yes, this is a true nightmare come to life. Here’s a breakdown.
The analysis by PeckShield alert shows a stunning decrease of the losses by 48% compared to last month which saw hacks amounting to $360 million and suggests a change in the methods used by the hackers and the strengthening of the measures of security among different platforms.
1. Munchables: The NFT gaming platform Munchables, running on the layer 2 Blast blockchain network, was hit hard by a major breach, resulting in a $62 million loss. However, a surprising turn of events unfolded as the hacker, identified as a white hat, returned the entire sum, offering a beacon of hope amidst adversity.
2. CurioNetwork: Another headline-grabbing incident occurred at CurioNetwork, where hackers exploited a vulnerability to pilfer approximately $40 million worth of digital assets, dealing a severe blow to the project’s funding.
3. PrismaFinance: DeFi protocol PrismaFinance faced a challenging ordeal when its exploitation led to $11.6 million in losses. Strangely, the hacker claimed to be a white hat and is now demanding the team’s identity for the secure return of funds.
4. NFP: The Non-Fungible Protocol (NFP) fell victim to hackers who exploited vulnerabilities, resulting in a $10 million loss, underscoring the persistent threat posed by cybercriminals in the crypto realm.
5. WooFi: Rounding off the list is WooFi, which incurred losses of $8.5 million due to a sophisticated attack on the sPMM algorithm, the backbone of WOOFi Swap’s price mechanism on the Arbitrum network. Utilizing a cunning pattern of flash loans, hackers manipulated the value of WOO tokens, driving it dangerously close to zero.
The crypto world is moving towards eliminating these security issues and the united reaction after every security incident such as the hacking of crypto exchanges and crypto accounts shows the assertiveness of the community to recover their financial assets and maintain the trustworthiness of the crypto environment.
But despite the area’s aims for more innovative technological implementation and adaptability, cybersecurity should get enough attention to have a safe operation environment for all the crypto players.
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