The report reveals that the amount stolen during this period is lower than any quarter in 2022, indicating improved security measures and a decrease in easy exploits.
Report: Crypto Hacks Drop 70% in First Quarter of 2023
According to a report by security firm TRM Labs, attacks and hacks on cryptocurrency protocols experienced a significant decline in the first quarter of 2023, dropping by 70% compared to the same period in 2022. The report reveals that the amount stolen during this period is lower than any quarter in 2022, indicating improved security measures and a decrease in easy exploits.
Despite a similar number of incidents (around 40), the average hack size decreased to $10.5 million in Q1 2023 from nearly $30 million in the same quarter of the previous year. TRM Labs also points out that victims of crypto theft were able to get back over half of their stolen funds in Q1 2023, a sign that these incidents can sometimes effectively turn into unofficial bug bounties.
TRM Labs cautions that the decline may be temporary, noting that a few large-scale attacks account for a significant portion of the stolen amount, leading to dramatic fluctuations month-to-month. Nonetheless, factors such as enhanced cybersecurity practices, stricter regulations, and increased collaboration among industry participants are believed to have contributed to the decline in crypto hacks this year, offering hope for a more secure future.
