The cryptocurrency industry experienced growth yet incurred substantial losses of $336,311,217 in Q1 2024, primarily due to cyber attacks.

Two major DeFi platform hacks, OrbitBridge and Munchables, were responsible for almost half of the total losses, highlighting Ethereum's vulnerability.

Efforts to recover stolen funds were somewhat successful with $73,885,000 reclaimed in seven incidents.

OODA is developing a Web3 incident database aimed at bolstering cyber risk management through detailed analysis and expert global support.

Scams on Ethereum layer 2 chain Base contributed to a larger trend of increased crypto and NFT thefts, with a 50% rise in stolen funds observed in March.

ERC-20 tokens, Ethers, and NFTs are the primary targets for scammers using fake platforms, wallets, and celebrity endorsements, with a surge in fraudulent Twitter account activity.

The NFT market faced a sales downturn of 4%, and the emergence of a new meme coin, Smog (SMOG), is marked by promotional incentives like rewards and airdrops.