$336.3 Million in Cryptocurrency Assets Misappropriated in Q1, $98.8 Million Reclaimed from March Breaches: PeckShield

Data from PeckShield indicates that around $100 million in stolen cryptocurrency from hacking events in March has been successfully retrieved. Despite substantial initial losses amounting to millions, 52.8% of the compromised funds were restored to their original owners.

PeckShield noted that the bulk of the recovered assets originated from the Munchables incident, where the hacker returned the pilfered cryptocurrency after negotiations.

PeckShield Report: Crypto Hacks Decrease in March, Yet Still Surpass January Numbers

#PeckShieldAlert In March 2024, there were over 30 hacks within the crypto sector, leading to approximately $187.29 million in losses, with around $98.8 million recovered.
This represents a decline of about 48% compared to February 2024.#Top5 hacks:#Munchables (#Juice affected): $97 million (recovered)#CurioNetwork: $40… pic.twitter.com/u3zejt9Ygn

— PeckShieldAlert (@PeckShieldAlert) April 1, 2024

A report from web3 cybersecurity firm PeckShield on April 1 revealed that the crypto market experienced more than 30 hacks, resulting in losses of $187.29 million, with $98.8 million recovered. This figure indicates a 48% reduction from February, when hackers stole over $360 million.

Although losses decreased compared to February, the figures for March still surpassed those of January, during which the market faced losses of $182.5 million.

PeckShield also pointed out the top five incidents for the month. Among these, the Munchables hack was the most significant in terms of losses, followed by the Curio hack, the Prisma Finance breach, the NFPrompt hack, and the WOOFi exploit.

Source: PeckShield

The report indicated that most of the recovered funds were linked to the Munchables incident, a non-fungible token game on the Blast network. On March 26, the project announced that it had been compromised, with initial losses estimated at $62 million. However, the hacker subsequently returned the funds without demanding a ransom.

On March 27, Munchables identified the hacker as one of its own developers. Ultimately, core contributors from Blast confirmed that $97 million in cryptocurrency stolen during the incident had been secured.

In a similar case, the Prisma Finance incident, which involved around $11 million in stolen digital assets, may also have a chance for recovery. Following the hack on March 28, the decentralized finance protocol suspended its platform for an investigation. The hacker later claimed that the incident was a “white hat rescue,” and discussions between the protocol and the hacker are ongoing.

On March 24, Curio’s MakerDAO-based smart contract on Ethereum was compromised. While initial estimated losses were $16 million, PeckShield suggests that the actual figure may be closer to $40 million in stolen cryptocurrency, making it the second-largest loss incident last month.

The fifth-largest incident for the month involved the Binance-backed platform NFPrompt, which suffered unauthorized access, resulting in approximately $10 million in losses, while the WooFi decentralized exchange experienced losses of around $8.5 million.

Q1 2024: Crypto Hacks and Fraudulent Activities Decline, Total Losses Reach $336.3 Million.

In the first quarter of 2024, the total losses due to hacking and fraudulent activities reached about $336.3 million, a decline from $437.5 million in 2023. The report details 46 hacking incidents and 15 cases of fraudulent activities during this period.

Source: Immunefi

Two projects incurred substantial losses, totaling $144.5 million, which accounted for 43% of the overall loss. The most significant attack, amounting to $81.7 million, targeted the cross-chain bridge protocol Orbit Bridge on New Year’s Eve.

January recorded the highest monthly losses in Q1, totaling $133 million. The second-largest attack of the quarter involved a $62 million exploit on Munchables. Overall, $73.9 million (22%) of the stolen funds from seven exploits in Q1 were successfully recovered. The number of attacks decreased by 17.6%, from 74 in Q1 2023 to 61 in 2024.

Hacking incidents were the primary contributors to the losses, accounting for 95.6% ($321.6 million) across 46 incidents, while fraudulent activities, scams, and rug pulls represented 4.4% ($14.7 million) in 15 incidents.

Notably, Ethereum was the most targeted blockchain, followed by the BNB Chain, with both networks making up 73% of the total losses. Ethereum experienced the highest number of attacks, with 33 incidents constituting 51% of the total losses.

Source: Immunefi

Conversely, the BNB Chain faced 12 attacks, representing 22% of the exploited funds. Additional incidents occurred on Arbitrum, Solana, Optimism, Bitcoin, Blast, Polygon, Conflux Network, and Base.

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