The world of cryptocurrency was shocked by a myriad of devastating hacks in March 2024, with more than 30 incidents recorded in a month. The incident led to a massive damage of about $187.29 million in losses in the industry. The loss proved devastating to the cryptocurrency industry and stakeholders. However, there was a silver lining behind the darkness, with about $98.8 million of the stolen amount being recovered. Although there was joy that some money was recovered but these incidents were an eye-opener to the digital currency space.
Crypto Giants Hacked: Munchables Loses $97M, Curio Network $16M, Prisma Finance Hit for $11.6M
One of the major companies affected by the massive theft was Munchables, the premier crypto gaming platform. The firm lost approximately $97 million following the incident, signaling danger in the security of blockchain gaming. Even though the industry tried to react, there are still massive questions about who the thieves were and the ripple effects of the hack.
CurioNetwork was another victim, it lost about $16 million in a smart contract attack. The firm’s management detected the breach and immediately informed the community of the hack, with assurances that the incident was under control.
Prisma Finance similarly lost approximately $11.6 million in a hack targeting the decentralized finance protocol. However, the hacker claimed that the exploit was a white hat rescue aimed at saving the platform, further complicating the situation.
NFP Loses $10M, WooFi Hit for $8.5M in March Hacks
The shocking event involved NFP, a decentralized finance project that lost approximately $10 million due to a security breach. In response, the firm’s team moved to divert control of the smart contracts and informed authorities.
The next victim in the story of crypto attacks was WooFi, a decentralized exchange. As a result, it lost $8.5 million to a flash loan suffering on the Arbitrum network in a digital attack. The incident exposed the insecurity and volatility facing decentralized platforms and the need for strong security to secure the assets of customers.
The series of March crypto hacks in 2024 signified the urgent need for enhanced security measures and vigilance in regulatory provisions in the industry. The evolving industry requires strict regulators to watch the drawbacks in the platforms. Furthermore, the platforms must remain active to safeguard the value of digital assets and the sanctity of investors.
