Crypto losses due to hacks decreased nearly 50% in March, PeckShield says

In March, approximately $187 million worth of cryptocurrencies were lost in hacking incidents, but around $99 million of those funds were later recovered.

Based on PeckShield’s findings, March was a less turbulent month for crypto investors. Hack-related losses decreased by approximately 50% compared to February, with $187.29 million in losses reported from around 30 hacks. However, it’s important to note that $98.8 million of the stolen funds were later recovered. This represents a significant decrease from February’s figures, where hackers stole over $360 million.

In March 2024, there were over 30 hacking incidents in the cryptocurrency sector, leading to approximately $187.29 million in losses. However, around $98.8 million of these losses were later recovered. This represents a significant decrease of roughly 48% compared to February 2024.

— PeckShieldAlert (@PeckShieldAlert) April 1, 2024

In March, according to PeckShield’s assessment, Munchables suffered the greatest loss due to stolen cryptocurrency. As cryptically mentioned in crypto.news, an alleged team member with North Korean ties is believed to have taken over $60 million in crypto from the project. However, once their identity was exposed, they reportedly returned the funds.

Although March’s losses were smaller than those in February, they were still greater than the $182.5 million in losses recorded in January, as reported by PeckShield.

In Q1 2024, the cryptocurrency sector experienced a decrease of approximately 17.5% in total losses compared to the same period the previous year. This quarter was marked by 46 hacking incidents and 15 fraud cases. The most damaging attacks targeted Orbit Bridge and Munchables, resulting in $81 million and undisclosed losses respectively. As per Immunefi’s records, hacking is the major cause of crypto theft, responsible for around 95.6% of all losses, while fraud contributes a smaller portion of 4.4%.

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2024-04-01 12:17