July 16, 2024
March Hacks, Nearly $100M Recovered
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March Hacks: Nearly $100M Recovered

In March, blockchain security firm PeckShield reported the recovery of nearly $100 million in digital assets stolen during hacking incidents, underscoring a significant turnaround in the crypto landscape. According to PeckShield’s data compiled on April 1, over 30 hacking occurrences transpired, resulting in a total loss of $187 million.

Total hack losses in 2024 by month. Source: PeckShield

Hacking Incidents and Recovery Efforts

Despite the staggering losses incurred, the recovery efforts proved fruitful, with 52.8% of the pilfered funds successfully retrieved. PeckShield revealed that $98.8 million in stolen digital assets were recovered throughout the month, marking a substantial victory against cybercrime.

PeckShield identified the top five incidents during the period, with the Munchables exploit ranking at the forefront in terms of losses. This was followed by the Curio hack, the Prisma Finance breach, the NFPrompt infiltration, and the WOOFi exploit.

Notable Recoveries and Ongoing Negotiations

The most significant recovery stemmed from the Munchables incident, involving a nonfungible token game hosted on the Blast network. Initially, the project reported losses amounting to $62 million due to exploitation. However, the hacker, later identified as one of Munchables’ developers, returned the funds without ransom demands. Ultimately, Blast core contributors secured $97 million in crypto taken during the incident.

Meanwhile, the Prisma Finance breach, which saw approximately $11 million in digital assets stolen, may also witness a potential recovery. Following the hack, the decentralized finance protocol froze its platform for investigation. Subsequently, the hacker claimed the incident as a “white hat rescue,” sparking discussions with the protocol for possible restitution.

Another significant breach occurred on March 24 when Curio’s MakerDAO-based smart contract on Ethereum was compromised. Initially estimated at $16 million, PeckShield’s assessment suggests the actual losses may amount to approximately $40 million, ranking this incident second in terms of losses for the month.

Additionally, the Binance-incubated platform NFPrompt reported unauthorized access resulting in approximately $10 million in losses, while the WooFi decentralized exchange suffered losses totaling about $8.5 million.

The concerted efforts to recover stolen assets underscore the resilience of the crypto community in combating cyber threats and fostering a more secure digital ecosystem.

Image by Pete Linforth from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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