PeckShield's report indicates that the crypto market experienced a significant reduction in losses from hacks during March, marking a 48% decrease from February. Even though there were over 30 hacks resulting in $187.29 million in losses, $98.8 million was eventually recovered. Notably, Munchables was the most impacted project, with the majority of its value stolen and later returned. Despite this, March's losses still surpassed those of January. Overall, the first quarter of 2024 saw a 17.5% reduction in losses compared to the same period in 2023, with hacking remaining the primary method of crypto theft.