Read

<p class="is-style-lead">A recent report by TRM Labs shows that the number of cryptocurrency attacks dropped by 70% during Q1 2023 compared to the same period in 2022. Nearly 40 attacks resulted in a total theft of about $400 million, the lowest quarterly amount in over a year.</p>



<h2 class="wp-block-heading" id="average-hack-size-drops-to-10-5-million-in-q1-2023">Average hack size drops to $10.5 million in Q1 2023</h2>



<p>TRM Lab is a blockchain intelligence company. It <a href="https://www.trmlabs.com/post/crypto-hacks-down-70-in-q1-2023" target="_blank" rel="noreferrer noopener">stated</a> on May 22 that in Q1 2023, over 40 cryptocurrency attacks resulted in the theft of about $400 million. This amount is a 70% reduction from Q1 2022. </p>



<p>In addition, Q1 2023 saw fewer funds stolen through crypto <a href="https://crypto.news/hackers-stole-over-6b-from-defi-protocols-in-2022/">hacks</a> than any quarter in 2022.</p>



<p>Despite the same number of occurrences, the average hack size decreased in Q1 2023 from roughly $30 million in the comparable quarter of 2022 to $10.5 million.</p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            You might also like:
        </span>

    
    
        <a href="https://crypto.news/crypto-scandal-hits-south-korea-as-executives-accused-of-2-2m-scam/" class="cn-block-related-link__link">
            Crypto scandal hits South Korea as executives accused of $2.2m scam        </a>

    
</div>


<p>Over half of all cash stolen up to this point has been returned to victims in Q1 2023.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="TRM Labs - Next-generation blockchain intelligence" width="1020" height="574" src="https://www.youtube.com/embed/VI1uawnxWKY?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading" id="the-crypto-hack-respite-may-not-be-a-long-term-trend">The crypto hack respite may not be a long-term trend</h2>



<p>Most of the funds taken from crypto platforms and users result from a small number of large attacks, which can lead to a significant month-to-month variation in the total amount taken. </p>



<p>According to a TRM Labs analysis of 2022 hacks and exploits, the ten biggest hacks in 2022 accounted for around 75% of the total sum stolen in 2022. </p>



<p>In addition to harming the cryptocurrency ecosystem&#8217;s reputation and trust, hacks and vulnerabilities can cause significant losses for traders, investors, <a href="https://crypto.news/japanese-regulator-might-be-going-after-defi-projects/">DeFi projects</a>, and exchanges. </p>



<div class="cn-block-related-link">

    <svg class="cn-block-related-link__icon icon" aria-hidden="true">
        <use xlink:href="#icon-bookmark"></use>
    </svg>

    
        <span class="cn-block-related-link__prefix">
            Read more:
        </span>

    
    
        <a href="https://crypto.news/north-korean-hacking-groups-stole-721m-in-crypto-from-japan/" class="cn-block-related-link__link">
            North Korean hacking groups stole $721m in crypto from Japan        </a>

    
</div>

Crypto hacks decreased by 70% in Q1 2023, research reveals

Table of Contents

crypto.news

Other articles published on May 23, 2023

Swiss Neuratrade Shakes Crypto Trading with AI and Autonomous Technology

Contrasting Fortunes: PEPE Struggles, SUI Shows Stability & Rebound Potential

Bullish? TRON eclipses all other cryptocurrencies in price and social activity

FTX CEO Works on Reboot Plan for Defunct Crypto Exchange

Top 5 Alternatives To The Ledger Hardware Wallet

Arc8 x Mocaverse Event Review

Join our free newsletter for daily crypto updates!