Crypto Hacks Falling in Q1 Is Just a "Temporary Reprieve" - Blockchain Firm
It was warned that the amount stolen in the first quarter of 2023 reflects the second quarter of 2022, which was followed by a "record number of hacks".
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The crypto community is urged not to let their guard down despite a significant drop in crypto hacks during the first quarter of 2023 – with a strong warning this is most likely a “temporary reprieve, rather than a long-term trend". ”
Last year was the biggest year ever for cryptocurrency hacks, with an estimated $3.8 billion stolen, mostly by decentralized finance (DeFi) protocols and attackers linked to North Korea , according to a Chainalysis report earlier this year.
However, this number appears to have decreased significantly during the first quarter of 2023. According to a May 21 report from TRM Labs, the amount stolen through crypto hacks in the first quarter of 2023 "was lower than any other quarter in 2022 ".< /p>
Chart showing hacks and exploits from Q1 2022 to Q1 2023. Source: TRM Labs
It was also noted that the average size of hacks dropped nearly 65% from to the period of the previous year.
“The average size of hacks was also impacted in Q1 2023, dropping from nearly $30 million in the same quarter of 2022 to $10.5 million, even though the number of incidents was similar ( about 40)."
Despite the decline, history suggests that crypto users should not get complacent. Crypto hacks declined significantly in Q3 2022, just ahead of "a record number of hacks" in Q4, which "turned 2022 into a record year," TRM Labs noted.
"Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend," he noted, adding that a few large-scale attacks could be enough to tip the scales again.
Although it has been noted that "there is no obvious explanation for the lull", TRM...
It was warned that the amount stolen in the first quarter of 2023 reflects the second quarter of 2022, which was followed by a "record number of hacks".
News
Join us on social networks
The crypto community is urged not to let their guard down despite a significant drop in crypto hacks during the first quarter of 2023 – with a strong warning this is most likely a “temporary reprieve, rather than a long-term trend". ”
Last year was the biggest year ever for cryptocurrency hacks, with an estimated $3.8 billion stolen, mostly by decentralized finance (DeFi) protocols and attackers linked to North Korea , according to a Chainalysis report earlier this year.
However, this number appears to have decreased significantly during the first quarter of 2023. According to a May 21 report from TRM Labs, the amount stolen through crypto hacks in the first quarter of 2023 "was lower than any other quarter in 2022 ".< /p>
Chart showing hacks and exploits from Q1 2022 to Q1 2023. Source: TRM Labs
It was also noted that the average size of hacks dropped nearly 65% from to the period of the previous year.
“The average size of hacks was also impacted in Q1 2023, dropping from nearly $30 million in the same quarter of 2022 to $10.5 million, even though the number of incidents was similar ( about 40)."
Despite the decline, history suggests that crypto users should not get complacent. Crypto hacks declined significantly in Q3 2022, just ahead of "a record number of hacks" in Q4, which "turned 2022 into a record year," TRM Labs noted.
"Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend," he noted, adding that a few large-scale attacks could be enough to tip the scales again.
Although it has been noted that "there is no obvious explanation for the lull", TRM...
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