In March, the crypto community saw a significant decrease in losses due to scams, exploits, and hacks, with only $28.8 million reported compared to February’s spike of $1.5 billion. This drop in losses can be attributed to various factors, including increased security measures and the return of some stolen funds.

According to blockchain security firm CertiK, code vulnerabilities were responsible for the majority of losses, totaling over $14 million. Wallet compromises were also a common tactic used by scammers, resulting in over $8 million in stolen funds. The firm also reported that the most significant loss for the month was the $13 million exploit of the decentralized lending protocol Abracadabra.money on March 25.

However, not all losses were due to malicious attacks. The second-highest monthly loss was the restaking protocol Zoth, which lost over $8.4 million after its deployer wallet was compromised. The attacker was able to withdraw the funds, causing significant losses for the protocol.

Despite these losses, there were also some positive developments in the crypto space. Decentralized exchange aggregator 1inch successfully recovered most of the $5 million stolen in a March 5 exploit after negotiating a bug bounty agreement with the attacker. This highlights the importance of collaboration and communication within the crypto community to prevent and mitigate losses.

It’s worth noting that the reported figures do not include an unknown Coinbase user who allegedly lost 400 Bitcoin, worth $34 million, or the potential $46 million lost to phishing scams targeting crypto exchanges. These incidents serve as a reminder for users to remain vigilant and cautious when it comes to their crypto assets.

In addition to traditional scams and hacks, there were also reports of SMS scams and phishing attempts targeting crypto users. These incidents highlight the need for increased education and awareness within the community to prevent falling victim to these fraudulent activities.

Overall, while there were still some losses in March, the decrease in reported incidents is a positive sign for the crypto industry. With continued efforts towards security and collaboration, we can hope to see a further decrease in losses in the future.