CertiK data revealed that crypto security improved in March.
As per the blockchain security firm, frauds totalled $28.8 million in March. After February’s staggering $1.5 billion loss from the Bybit hack, March brought a significant improvement to the cryptocurrency security landscape. According to blockchain security firm CertiK, crypto-related scams and exploits and hacks reached only $28.8 million in March while experiencing a massive 98% decline from the previous month.
Code Vulnerabilities Continued To Be A Major Threat
Attackers find code vulnerabilities to be the most captivating targets among all scams according to CertiK’s post. This amounted to over $14 million in losses during March; on the other hand, wallet compromises were utilized to steal approximately $8 million in value.
In March, the biggest loss was borne by decentralized lending protocol Abracadabra.money of $13 million on March 25. In response to the attack, the platform offered a 20% bounty, which is double the standard rate. However, no public updates on fund recovery have been announced.
In a March 27 report, CertiK reported, “The attacker was able to borrow funds, liquidate themselves then borrow funds again without repaying them. This was due to the liquidation process not overwriting records in RouterOrder that counted as collateral, allowing the exploiter to falsely borrow additional funds after liquidation.”
Moreover, CertiK reports that some stolen funds were recovered, which led to March’s losses decreasing from $33 million to $28.8 million. The firm 1inch succeeded in recovering its stolen funds through negotiations directly with the hackers who carried out the theft.
However, these figures exclude potentially larger losses that haven’t been officially verified, including a reported case of a Coinbase user losing 400 Bitcoin (approximately $34 million), according to crypto investigator ZachXBT. The same investigator suggested that phishing scams impersonating crypto exchanges may have caused over $46 million in additional losses.