Violet Vallaya
Security breaches continue to pose significant challenges in the crypto world. Over 30 hacking incidents occurred in March, leading to a loss of roughly $187.29 million in stolen crypto funds, data from blockchain security firm PeckShield shows.
According to its latest report released April 1, the crypto market witnessed a decline in hacking incidents in March, although losses still surpassed those of January.
The report said that over 30 hacks occurred during March, resulting in approximately $187.29 million in losses. However, the recent data offers hope amid the turbulence. The recovery efforts yielded a substantial return of $98.8 million to affected users. The figure translates to a 52.8% retrieval rate.
This marks a noteworthy improvement from February when hackers pilfered over $360 million from various platforms.
In an interview with The Shib Daily, PeckShield attributed a major portion of the recovered funds to the Munchables hack. Negotiations with the attacker in this case led to the return of the stolen cryptocurrency.
“Among the Top 5 hacks, the Munchables hack, affecting Juice, resulted in a $97 million loss, followed by a successful recovery,” a PeckShield representative, who requested to remain anonymous, said. “Other significant breaches include CurioNetwork ($40 million), PrismaFinance (currently under negotiation for $11.6 million), NFP ($10 million), and WooFi ($8.5 million).”
The report further highlights a notable increase in March’s recovered funds compared to February’s estimated $6.66 million. PeckShield emphasized the importance of constant monitoring to track stolen funds and assist victims in mitigating losses.
“Constant monitoring of stolen funds’ movements is crucial,” the PeckShield representative said. “The on-chain analysts have dedicated their days to tracking and chasing leads, making efforts to assist victims and mitigate widespread losses.”
The research firm emphasized the importance of proactive measures to strengthen cryptocurrency security further. “To mitigate the frequency and impact of security breaches,” it advised several key actions:
- Enhanced Security Checks: Implementing comprehensive code integrity assessments, vulnerability scanning, and rigorous testing of smart contracts before deployment.
- Continuous Monitoring: Establishing systems to detect suspicious activity and anomalous transactions in real time to enable swift responses and prevent breaches from escalating.
- Rapid Response Teams: Forming dedicated cybersecurity expert teams to investigate incidents, mitigate risks, and implement prompt remediation measures.
- Negotiation and Law Enforcement: Engaging with attackers to recover funds or cooperating with law enforcement to hold them accountable, deterring future attacks, and improving the overall security posture of the ecosystem.
- Community Education: Educating crypto users on best practices for securing their assets, such as using hardware wallets and avoiding phishing scams, empowers them to protect themselves effectively.
The industry has continued its efforts to improve security protocols and implement effective recovery strategies, offering a more optimistic outlook for the future of cryptocurrency safety.
