Despite a surge of losses in February driven by the Bybit hack, crypto scam and exploit losses significantly decreased in March. According to blockchain security firm CertiK, losses fell to a mere $28.8 million, marking a notable turnaround from the previous month’s staggering $1.5 billion drop. The primary contributors to these losses were smart contract vulnerabilities, accounting for over $14 million in losses, with compromised wallets responsible for over $8 million in stolen assets. CertiK also reported that an attack on decentralized lending protocol Abracadabra.money led to a loss of $13 million due to a smart contract exploit. This was followed by a report revealing the attacker exploited faulty record updates within the RouterOrder system, enabling them to borrow funds without repayment. An incentive offering for the return of stolen funds has been put forth, but no update on potential recovery has been reported. The second-largest loss came from an attack on restaking protocol Zoth, where the deployer’s wallet was compromised, resulting in the theft of over $8.4 million in crypto assets, with some funds being recovered later. CertiK estimates that over $33 million were stolen throughout March. However, decentralized exchange aggregator 1inch managed to recover most of their lost $5 million after negotiating a bug bounty deal with the hacker. Notably, a Coinbase user reportedly lost 400 Bitcoin ($34 million) due to an undisclosed exploit. Additionally, phishing scams posing as legitimate crypto exchanges may have contributed to losses exceeding $46 million in March. Authorities have issued warnings about the increasing prevalence of these attacks. The Australian Federal Police alerted over 130 individuals to scams involving fake messages resembling legit crypto exchanges, while reports highlighted attempts encouraging users to create new wallets using recovery phrases controlled by attackers. To stay updated on the latest developments in the cryptocurrency market, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram and CoinMarketCap Community.