Nearly $50 million was stolen from web3 platforms in the year’s first month as crypto remains engaged in a cyber war with hackers and scammers. Quantstamp, a defi security startup, reported five smart contract protocols with the highest losses from exploits and hackers in January. A total of $38.9 million was lost to a basket of attack vectors deployed by bad actors, including other smart contract hacks, key compromises, and scams, according to Quantstamp. Four days into the year, Gamma Strategies was rocked by a flash loan attack. The code bug allowed exploiters to drain $6.1 million from Gamma’s public-facing vaults. Gamma shut off deposits to resolve the issue, effectively closing the loophole.