Losses from crypto scams and exploits in March significantly fell to $28.8 million after a February spike to $1.5 billion due to a Bybit hack. Key causes include code vulnerabilities and wallet compromises.
March's Major Losses
The largest loss in March was the $13 million exploit of the Abracadabra.money smart contract. Wallet compromises also led to more than $8 million in losses, with the total losses from hacks and frauds amounting to $28.8 million.
Funds Recovery and New Security Measures
Some of the stolen funds were returned in March. Decentralized exchange 1inch successfully recovered most of the $5 million stolen after negotiations with the hacker. However, the return of funds from other protocols remains unresolved.
Phishing Attacks and Warnings
March also saw multiple phishing attacks. Australian police reported scams involving SMS messages mimicking legitimate crypto exchanges. Users reported messages that attempted to trick them into setting up new wallets using pre-generated phrases controlled by scammers.
Despite the decrease in crypto scam losses in March, there is a continued need for additional security measures. Users and companies should remain vigilant and practice caution to avoid future threats.
