Crypto exploit, scam losses drop to $28.8M in March after February spike

Losses to crypto scams, exploits, and hacks dropped to simply $28.8 million in March, removed from February’s spike to $1.5 billion in losses after the Bybit hack.

Code vulnerabilities accounted for probably the most losses, at over $14 million, whereas pockets compromises had been used to steal over $8 million, blockchain safety agency CertiK mentioned in an April 1 publish to X.

Essentially the most vital loss for the month was the $13 million March 25 sensible contract exploit of the decentralized lending protocol Abracadabra.cash.

*After accounting for returned funds, a complete of $28.8 million was stolen by exploits, hacks and scams in March. Supply:* *CertiK*

In a separate March 27 report, the blockchain safety agency mentioned, “The attacker was capable of borrow funds, liquidate themselves, then borrow funds once more with out repaying them.”

“This was as a result of liquidation course of not overwriting data in RouterOrder that counted as collateral, permitting the exploiter to falsely borrow extra funds after liquidation,” CertiK mentioned.