In March, crypto investors breathed a sigh of relief as losses from hacks took a nosedive by nearly half compared to February, as per findings by PeckShield. The data, disclosed in a recent post on Apr. 1, indicates a relatively calm month for the crypto market, with around 30 hacks causing a total loss of $187.29 million. Surprisingly, $98.8 million of the stolen funds were successfully recovered. This marks a significant drop of 48% from the previous month when hackers made away with over $360 million.

PeckShield’s analysis highlighted Munchables as the project hit hardest by theft in March. As reported by crypto.news, a team member allegedly linked to North Korea managed to swipe more than $60 million in crypto from the project. However, they later returned the funds after their identity was exposed.

Although March saw a notable decrease in losses compared to February, the figures still surpassed those of January when losses amounted to $182.5 million according to PeckShield.

Looking at the bigger picture, the cryptocurrency industry witnessed a 17.5% reduction in losses during the first quarter of 2024 compared to the same period last year. Throughout this time frame, there were a total of 46 hacks and 15 fraudulent incidents reported. Among these, attacks on Orbit Bridge led to $81 million in losses, alongside the significant incident involving Munchables. Data from Immunefi reveals that hacking remains the primary method of crypto theft, accounting for a whopping 95.6% of total losses, with fraud incidents making up just 4.4%.