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Crypto Scams Down by 98% in March 2025 – Security Risks No More?
A recent report has revealed a staggering 98% decline in crypto scam losses, with figures plummeting from $1.5 billion in February to a mere $28.8 million in March. This drastic drop is cause for concern and optimism simultaneously. While the sudden improvement may indicate that security measures are finally starting to yield results, it also underscores the need for continued vigilance and proactive measures.
The data, provided by blockchain security firm CertiK, highlights a significant shift in the crypto ecosystem. As per the report, code vulnerabilities accounted for over $14 million of losses, while wallet compromises were used to steal more than $8 million. A particularly noteworthy incident was the $13 million smart contract breach on Abracadabra.money, which occurred on March 25.
The exploit, perpetrated by an attacker who repeatedly borrowed funds, liquidated their positions, and borrowed again without repaying, demonstrates the ongoing risks in the crypto space. Despite this, the 98% decline is a beacon of hope for those seeking security and stability in the industry.
The recent statistics may be attributed to improved security measures or the fact that attackers are finding fewer vulnerabilities to exploit. Regardless, these results suggest a promising trend, which could have far-reaching implications if sustained.
It remains to be seen whether this momentum will continue, but one thing is clear – a well-defined regulatory framework would significantly reduce these losses. The nomination of Paul Atkins as SEC Chair by President Trump has sparked hope that such a framework may finally come into being.
Source: https://ambcrypto.com/crypto-scams-down-by-98-in-march-2025-security-risks-no-more
