March saw a significant decline in cryptocurrency-related losses from exploits , hacks, and scams, totaling just $28.8 million. This marks a stark contrast to February’s staggering $1.5 billion in damages, largely fueled by the Bybit exchange breach. According to blockchain security firm CertiK, the primary culprits in March were code vulnerabilities, responsible for over $14 million in losses, followed by wallet compromises, which accounted for $8 million in stolen assets. One of the biggest attacks of the month was the smart contract exploit of the decentralized lending platform Abracadabra.money on March 25, resulting in a $13 million loss. CertiK’s analysis revealed that the attacker manipulated the platform’s liquidation process, repeatedly borrowing and liquidating funds without proper repayment. In response, Abracadabra.money’s team has offered a 20% bounty—twice the standard amount—to the hacker in hopes of recovering some of the stolen funds. Another significant exploit in March involved Zoth, a restaking protocol, where a compromised deployer wallet led to an $8.4 million theft. The project has not yet made any public offers for fund recovery, leaving its losses unresolved. Some Stolen Funds Have Been Recovered Despite the overall losses, not all stolen funds disappeared for good. CertiK reports that while total losses exceeded $33 million in March, there were cases where victims managed to reclaim their assets. Decentralized exchange aggregator 1inch successfully negotiated with an attacker after a March 5 exploit, securing the return of a significant portion of the $5 million stolen . The agreement was framed as a bug bounty settlement, rewarding the hacker for disclosing the vulnerability. However, these figures exclude a mysterious case uncovered by on-chain detective ZachXBT, who reported that an unidentified Coinbase user may have lost 400 BTC—worth approximately $34 million—to an unknown exploit. Adding to the concerns, phishing scams impersonating crypto exchanges are becoming an increasing threat, with ZachXBT estimating over $46 million in potential losses from such schemes in March. Phishing Scams with Fake Exchange Messages While technical exploits saw a decline, phishing attacks remain a serious concern. On March 21, Australian federal police reported warning 130 individuals about sophisticated scams impersonating major crypto exchanges through SMS messages. These fraudulent messages spoofed legitimate “sender IDs,” tricking users into believing they were receiving official communication. Reports on X also surfaced on March 14, revealing a new phishing tactic where scammers prompted users to set up wallets using pre-generated recovery phrases—giving fraudsters full access to their funds. The post Crypto Hacks Drop in March, But Phishing Scams Still a Major Threat appeared first on TheCoinrise.com .
