March brought good news with a reduction in crypto scam losses to $28.8 million, a significant relief compared to February's $1.5 billion.
What Happened?
CertiK reports that in March, total losses from crypto scams and thefts amounted to over $33 million. With 1inch's help in recovering some stolen funds, losses were reduced to $28.8 million. Abracadabra.money faced the largest losses due to a $13 million smart contract exploit.
How Were Some Funds Recovered?
1inch achieved a major success in recovering the bulk of the $5 million stolen in a March 5 exploit. They reached a deal with the hacker to return the stolen funds for a reward, showing that some hackers can be persuaded to return stolen funds.
Other Crypto Scam Attempts
In March, phishing scams continued to be a major issue. Crypto investigator ZachXBT revealed possible losses of over $46 million from phishing schemes mimicking crypto exchanges. Additionally, Australian police warned 130 people about scam messages targeting crypto users.
While crypto scams remain a significant issue, the drop from $1.5 billion in February to $28.8 million in March is encouraging. Enhanced security measures and fund recovery efforts are reducing losses, but vigilance is crucial against phishing scams and smart contract exploits.
