Crypto exploit losses drop to $28.8M in March following February spike

Losses from crypto exploits, scams, and hacks fell significantly to $28.8 million in March 2025, compared to February’s staggering $1.5 billion loss driven by the Bybit hack.

Blockchain security firm CertiK reported that vulnerabilities in code accounted for the largest share of losses in March, totaling over $14 million, while wallet compromises resulted in $8 million stolen.

The most significant incident was the $13 million exploit of Abracadabra.money on March 25.

Hackers manipulated the protocol’s liquidation process to repeatedly borrow funds without repayment.

CertiK noted that the exploit stemmed from a failure to overwrite collateral records during liquidation.

Abracadabra.money has since offered a 20% bounty for the return of funds, but no updates on recovery have been provided.

The second-largest loss came from Zoth, a restaking protocol, where attackers compromised its deployer wallet and withdrew over $8.4 million in crypto assets.

March’s total losses were reduced after decentralised exchange aggregator 1inch successfully negotiated with attackers to recover most of the $5 million stolen in a March 5 exploit.

This marked one of the few instances where stolen funds were returned during the month.

Despite these recoveries, phishing scams targeting crypto users remained prevalent.

Blockchain sleuth ZachXBT claimed that over $46 million may have been lost to phishing schemes spoofing exchanges.

Australian federal police also warned about message scams using fake sender IDs to trick users into creating wallets controlled by fraudsters.

CertiK emphasised that while March saw reduced losses compared to February, vulnerabilities within decentralised finance (DeFi) protocols and wallet systems continue to pose significant risks.

Flash loan attacks and exit scams remain common tactics for cybercriminals exploiting weaknesses in blockchain security.