Blockchain security firm PeckShield reported a surge in crypto hacks in March 2024, with over 30 incidents causing approximately $187.29 million in losses. However, the DeFi community can take solace in the recovery of almost $99 million during the same period, marking a significant 48% decrease from the previous month.

The most devastating breach was Munchables, a Web3 gaming protocol on the Blast network, which suffered a $97 million exploit. Surprisingly, the hacker returned the funds voluntarily without requesting any ransom. The Blast founder confirmed that the network's core contributors secured the entire stolen stash.

Other significant incidents include the smart contract exploit of real-world asset liquidity firm Curio Network, with $40 million in losses, and the decentralized finance protocol Prisma Finance, which lost almost $11.6 million. The Binance-incubated platform NFPrompt hack resulted in $10 million in damages, while the WooFi incident accounted for $8.5 million in losses.

Despite these setbacks, the DeFi sector's recovery efforts have been commendable, and the community remains optimistic about its future growth and security.