Blockchain Security Firm Reports $187M in Crypto Hacks for March 2024; Munchables NFT Game Witnesses Highest Recovery

Blockchain Security Firm Reports $187M in Crypto Hacks for March 2024; Munchables NFT Game Witnesses Highest Recovery

Crypto News – In its latest report for March 2024, blockchain security firm PeckShield disclosed a concerning uptick in crypto hacks, with over 30 incidents resulting in approximately $187.29 million in losses. This surge arrives amidst a backdrop of improved investor sentiment, albeit with significant setbacks for the DeFi sector.

Despite the challenges faced, there emerges a glimmer of hope with the recovery of nearly $99 million during the same period. Notably, this marks a substantial 48% decrease from the preceding month, signaling potential resilience within the ecosystem.

At the forefront of these breaches stands Munchables, a prominent Web3 gaming protocol operating on the Blast network. The exploit inflicted losses totaling $97 million, making it one of the most devastating incidents recorded.

Remarkably, the perpetrator, identified as an insider under the alias “Werewolves0493” on GitHub, voluntarily returned the pilfered funds without any ransom demands. Blast founder Pacman later confirmed this development, highlighting the successful efforts of the network’s core contributors in securing the entirety of the stolen assets.

Following closely behind, the smart contract exploit of real-world asset (RWA) liquidity firm Curio Network resulted in losses amounting to $40 million, attributed to a flaw in the voting power privilege access control.

PeckShield also spotlighted other significant incidents, including the DeFi protocol Prisma Finance, which incurred losses nearing $11.6 million and is presently subject to negotiation. Additionally, the Binance-incubated platform NFPrompt reported losses of $10 million due to a hack.

Further down the list, the WooFi incident, accounting for $8.5 million in losses, drew attention. Investigations by experts revealed that the DeFi platform‘s swap feature on the Arbitrum network was the primary target of the attack.

As the crypto landscape navigates through these challenges, stakeholders remain vigilant in bolstering security measures to safeguard against potential threats and fortify the resilience of the ecosystem.