Diffie sector faces losses of $187 million but recovery efforts close to $99 million

Amid improved investor sentiment, blockchain security firm PeckShield's March 2024 report showed a sharp increase in crypto hacks, with more than 30 incidents resulting in losses of nearly $187.29 million.

Although these setbacks have led to progress in the Diffie sector, the public can take some solace in the recovery of nearly $99 million over the same period. In fact, the latest figure shows a 48 percent drop compared to the previous month, February 2024.

Among the most devastating breaches, Munchables, the Web3 gaming protocol on the Blast network, appears to be on the charts after an exploit that resulted in $97 million in losses. Surprisingly, the hacker voluntarily returned the money without demanding any ransom. An insider with the name “Werewolves0493” was identified on GitHub, who unconditionally shared the private keys he held with the group. This was later confirmed by Blast founder Pacman, who claimed that the network's main contributors had successfully verified the stolen junk. Meanwhile, real-world asset (RWA) liquidation company Curio Networks followed suit with a $40 million loss due to a voting power access control flaw. Other notable events noted by PeckShield include decentralized finance (DeFi) protocol Prisma Finance, which lost nearly $11.6 million and is currently in negotiations. Binance-incubated platform NFPrompt hack stops with $10 million in damages. The WooFi event was PeckShield's fifth place, with a loss of $8.5 million. An investigation by experts has confirmed that the DeFi platform's exchange behavior on the Arbitrum network has been targeted.