In March 2024, blockchain security firm PeckShield released a report that highlighted a distressing increase in crypto hacks, causing over $187.29 million in losses across more than 30 incidents. Despite some recovery efforts, these breaches have dealt a significant blow to the DeFi sector’s progress.
One of the most devastating breaches mentioned in the report was the exploit faced by Munchables, a Web3 gaming protocol on the Blast network. This incident resulted in staggering losses of $97 million. However, what set this hack apart was the hacker’s unexpected move of voluntarily returning the funds without demanding a ransom. The hacker, identified as an insider with the alias “Werewolves0493” on GitHub, shared the private keys holding the funds with the team unconditionally. Blast founder Pacman later confirmed that the network’s core contributors were able to secure the entire stolen amount.
Curio Network: Vulnerabilities Exposed
Following closely behind Munchables was the smart contract exploit of real-world asset (RWA) liquidity firm Curio Network, which suffered $40 million in losses due to a flaw in the voting power privilege access control. This incident shed light on the critical importance of robust security measures in DeFi platforms to prevent such breaches.
PeckShield’s report also highlighted the case of Prisma Finance, a DeFi protocol that lost nearly $11.6 million and is currently in negotiations to address the situation. Additionally, the Binance-incubated platform NFPrompt experienced a hack resulting in $10 million in damages. The WooFi incident secured the fifth spot on the list, with $8.5 million in losses attributed to a targeted attack on the DeFi platform’s swap feature on the Arbitrum network.
The surge in crypto hacks in March 2024 serves as a stark reminder of the persistent threats facing the blockchain and DeFi space. As the industry continues to evolve and grow, it is imperative for stakeholders to prioritize cybersecurity measures and stay vigilant against potential vulnerabilities. Only through proactive risk management and robust security protocols can the community safeguard its assets and maintain trust in the digital ecosystem.
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