Crypto exploit, scam losses drop to $28.8M in March after February spike

Losses to crypto scams, exploits, and hacks dropped to just $28.8 million in March, far from February’s spike to $1.5 billion in losses after the Bybit hack.

Code vulnerabilities accounted for the most losses, at over $14 million, while wallet compromises were used to steal over $8 million, blockchain security firm CertiK said in an April 1 post to X.

The most significant loss for the month was the $13 million March 25 smart contract exploit of the decentralized lending protocol Abracadabra.money.

In a separate March 27 report, the blockchain security firm said, “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,” CertiK said.