In March 2024, the cryptocurrency market struggled to gain momentum, experiencing massive losses of $79 million due to exploits, hacks, and scams. According to blockchain security firm CertiK Alert, this $79 million loss is 48% lower than what the cryptocurrency market experienced in February 2024.
March 2024 Crypto industry losses
This massive loss consists of exit scams, flash loans, and exploits, individually causing losses of $5.7 million, $21.9 million, and $52.1 million respectively. However, out of these losses, a significant $69.2 million of crypto assets were returned to their sources by the exploiters.
Looking at the major incident, the firms that suffered include Prisma Finance, which experienced losses of $12.4 million; NFPrompt, which experienced losses of $10 million; Remillia, which experienced losses of $4.8 million; Super Sushi Samurai, which experienced losses of $4.6 million; NetMind, which experienced losses of $2.5 million; Unizen, which experienced losses of $2.2 million; Mozaic Fi, Dolomite, WILDER, and OrdiZK.
Prisma Finance crypto losses report
In this major incident, Prisma Finance experienced the biggest losses. Prisma Finance is a decentralized liquid staking platform that allows users to create a stablecoin (mkUSD) using their Ethereum staking tokens as collateral. It rewards users with trading fees and additional tokens, all controlled by a decentralized organization (DAO). It was considered a safe and flexible way to maximize Ethereum holdings.
However, the lost fund is currently safe, as highlighted by the exploiter, as reported by Todayq News. Additionally, the exploiter also stated, “I’m not doing this for anything but to raise awareness on the serious contract audits, on developers’ attitude toward their work, and the project’s responsibilities. Currently, it is not confirmed whether the stolen fund has been returned or not.
Besides these massive losses in March 2024, top cryptocurrencies like Bitcoin, Tron, Chainlink, Cardano, Ripple, and others struggled to gain momentum. If we look at the performance of these tokens in the last 30 days, Bitcoin gained a price surge of over 12%, while Cardano’s ADA, TRON, Chainlink’s LINK, and Ripple’s XRP experienced downside momentum of over 15%, 13%, 12%, and 2.78% respectively.
