The crypto market witnessed over $187 million in losses due to hacks in March, with nearly $99 million recovered.

According to data revealed by PeckShield, March proved to be a relatively calm month for crypto investors, with losses due to hacks decreasing by nearly 50% compared to February. In an X post on Apr. 1, the analysts said the market saw over 30 hacks in the crypto space, resulting in $187.29 million in losses, with $98.8 million recovered. As a result, the figure marked a decrease of 48% from February, when hackers stole over $360 million.

PeckShield’s analysis identified Munchables as the project most affected by stolen value in March. As Coin Insider Daily reported, a team member associated with North Korea allegedly pilfered over $60 million in crypto from the project before returning the funds after their identity was revealed.

Despite the decline in losses compared to February, March’s figures still exceeded those of January, during which the market encountered $182.5 million in losses, according to PeckShield.

Overall, the cryptocurrency industry saw a 17.5% reduction in losses in the first quarter of 2024 compared to the same period in 2023. This period witnessed a total of 46 hacks and 15 fraudulent incidents. The most devastating were attacks on Orbit Bridge, resulting in $81 million in losses, and the aforementioned incident involving Munchables. According to data from Immunefi, hacking remains the predominant method of crypto theft, accounting for 95.6% of total losses, while fraud comprises only 4.4%.