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<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>



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



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<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>



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

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