In the entire 31 days of March 2025, the amount that went out from the market was $28.8 million, which was above $1.5 billion in February 2025, according to the report by Certik. It is worth noting that $4.5 million has been lost in a phishing scam, yet code vulnerability resulted in around $14 million in losses.
Abracadabra smart contracts hack is one of the most significant attacks on the crypto sector, resulting in a loss of $13 million. It is a lending protocol that holds a good image in the crypto lending category.
In a post dated March 25, Certik said, “ The attacker was able to borrow funds, liquidate themselves, then borrow funds again without repaying them.”
Flash loan attacks grew in March 2025
The blockchain analysis firm also notes that the total amount of funds that went out of the market in the flash loan attack is $1.3 million,, which was $0.20 million in February of this year.
The NFT market lost $737,321 in exploits, memecoins losses were $210,150, and Deflationary token losses amounted to $138,189.
However, the attack on Coinbase users of $32 million is excluded from the figure of $28.8 million in March 2025.
According to the information, flash loans are a type of loan where the borrower has no collateral and has to pay the amount with the same transaction on a blockchain.
In flash loan attacks, the thief borrows the loan from the platform and uses the congestion of the market in its favor to gain massive profits illicitly.
Scams, frauds, and hacks exceeded $10 billion in 2024
Several available reports and datasets note that the broader crypto market has lost over $5 billion. However, a few say that the losses have exceeded $10 billion; some say the outflow due to illicit activities is $8 billion.
A report published by Chainalysis on February 13, 2025, says that pig butchering cases grew 40% in the year-on-year frames, high-yield investment scams amounted to 50.2%, crypto drainer attacks amounted to 9.5%, and rug pull remained at 4%.
With the surging scams, frauds, and hacks in the crypto market, the need for improved security is now a significant concern, and there is also a need for a regulated environment to tackle the surging illicit activities in the crypto market.
Crypto market price updates
Until publishing, the crypto market cap was $2.73 trillion, with a growth of 3.57%, and the trading volume was $77.74 billion, which is also up by 28.59%. Despite this surge, the fear and greed index is at 24, determining fear and bear dominance.
In the same frame, Bitcoin grew around 3.45% and is exchanging hands at $84,289, and, at the same time, it is below its 20, 50, 100, and 200-day exponential moving average.
According to the data from CoinMarketCap, the intraday gainer’s list has been ruled by Fartcoin, Curve DAO, Sonic, Bonk, Pepe, and Render; on the other hand, the losers are Jupiter, Story, XDC Network, and Ethena USD.
