Unveiling March 2024’s Top 5 Crypto Hacks

The post Unveiling March 2024’s Top 5 Crypto Hacks appeared first on Coinpedia Fintech News

In March 2024, the crypto space, experienced a mixed episode, with over 30 hacking cases recorded, resulting in a staggering $187.29 million. The tremendous losses caused by the theft do not steal the show entirely. About $98.8 million, accounting for more than half of the funds were returned, demonstrating the crypto community’s power in the fight against hackers.

The analysis by Peckshiled alert shows a stunning decrease of the losses by 48% compared to last month which saw hacks amounting to $360 million and suggests a change in the methods used by the hackers and the strengthening of the measures of security among different platforms.

Top Five Hacks of the Month

1. Munchables: The NFT gaming platform Munchables, which is on the layer 2 Blast blockchain network struggled with a major attack where thieves walked away with assets worth $62 million. On a good note, the hacker turned out to be a white hack and the remarkable $62 million has been successfully recovered as a white hat rescue, giving hope within the context of adversity.

2. CurioNetwork: Another incident that drew significant attention was one at CurioNetwork where hackers used a vulnerability to steal about $40 million worth of digital assets which had terrible repercussions for the project’s fund.

3. PrismaFinance: The DeFi protocol PrismaFinance was through a tough period after its exploitation led to $11.6 million in total losses. Even this hacker supposedly claimed himself as a white hack and as of the latest updates, is now demanding the team reveal themselves for the secure return of funds.

4. NFP: Suffering a major drawback, the Non-Fungible Protocol (NFP) hackers exploited vulnerabilities resulting in the loss of $10 million during which the crypto players proved once again to be relentless threats.

5. WooFi: Last on the list is WooFi, it suffered a hack that cost the company losses of $8.5 million. Hackers executed a sophisticated attack on the sPMM algorithm, the heart of WOOFi Swap’s price mechanism on the Arbitrum network on March 5th. Employing a clever pattern of flash loans, they deftly manipulated the value of WOO tokens, driving it perilously close to zero.

The crypto world is moving towards eliminating these security issues and the united reaction after every security incident such as the hacking of crypto exchanges and crypto accounts shows the assertiveness of the community to recover their financial assets and maintain the trustworthiness of the crypto environment. 

But despite the area’s aims for more innovative technological implementation and adaptability, cybersecurity should get enough attention to have a safe operation environment for all the crypto players.

Be sure to follow us to stay updated with the trends as we uncover the world of crypto hacks and security measures for you!