DEFI SECTOR RECOVERS $99M FROM $187M IN LOSSES 

In a recent report by PeckShield for March 2024, the DeFi sector has been hit by a wave of crypto-related security breaches, tallying over 30 incidents and leading to losses of nearly $187.29 million.

However, not all news is grim for the DeFi community, as there has been a successful recovery of almost $99 million in the same timeframe. This recovery effort represents a 48% reduction in losses compared to February 2024, providing a glimmer of hope amid the sector’s challenges.

The Munchables NFT game on the Blast network experienced one of the most notable incidents, with an exploit draining $97 million from the platform. In an unexpected turn of events, the funds were returned in full by the hacker, identified only as “Werewolves0493” on GitHub. This individual, reportedly an insider, handed over the private keys to the stolen funds unconditionally, leading to a complete recovery of the assets. This act was confirmed by Pacman, the founder of the Blast network.

Close on the heels of this breach was the Curio Network, a real-world asset (RWA) liquidity provider, which encountered a $40 million loss due to a vulnerability in its voting power privilege access control.

PeckShield’s report also highlighted other significant breaches, including the $11.6 million loss faced by the DeFi protocol Prisma Finance, which is currently in negotiations for recovery. Following Prisma Finance, the NFPrompt platform, backed by Binance, saw $10 million in damages. Additionally, the WooFi platform experienced an $8.5 million setback due to an exploit in its swap feature on the Arbitrum network, rounding out PeckShield’s list of the top five most impactful incidents.

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