Crypto hacks have fallen significantly in the first quarter of 2023, but that trend may not last long, warns trmlabs.
The crypto community is being urged not to let their guard down despite a significant decline in crypto hacks during the first quarter of 2023 — with one firm warning it is most likely a “temporary reprieve, rather than a long-term trend.”
2022 was the biggest year for crypto hacking in history, with an estimated $3.8 billion stolen, primarily from decentralized finance protocols and North Korea-linked attackers,However, this number appears to have drastically reduced in the first quarter of 2023. According to a May 21 report by TRM Labs, the amount stolen through crypto hacks in Q1 2023 “was less than any other quarter in 2022.”It was also noted that the average hack size dropped nearly 65% compared to the prior year period.
“The average hack size also took a hit in Q1 2023 – to USD 10.5 million from nearly USD 30 million in the same quarter of 2022, even as the number of incidents was similar .” Despite the drop, history suggests crypto users shouldn’t get complacent. Crypto hacks fell significantly in Q3 2022, right before “a record-setting number of hacks" in Q4 which"turned 2022 into a record year," noted TRM Labs.
“Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend” it noted, adding that just a few large-scale attacks could be enough to tip the scales again.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How crypto funds shape the development of the digital asset marketDiscover the impact of crypto funds in shaping the growth and development of the crypto market.
Read more »
12 Long-Haul Flight Hacks You Need to Know, According to Travel ProsFollow these long-haul flight hacks from experienced travel pros to have a relaxing flight and reduce jet lag.
Read more »
A beginner’s guide to blockchain APIsBlockchain APIs are the unsung heroes in the landscape of decentralized applications, streamlining developers' interaction with the blockchain network.
Read more »
Bitcoin Blockchain Continues to See Growth in Ordinal Inscriptions and BRC20 Tokens – Bitcoin NewsIn the last five days, an increase has occurred, bringing the total count to approximately 8,376,936 Ordinal inscriptions on Sunday afternoon. Bitcoin
Read more »
Cardano (ADA) Partners With Major Swiss-Based Fundraising PlatformSwiss lending marketplace Acredius_AG teams up with Cardano_CF, plans usage of $ADA for fundraising Cardano
Read more »
Why Coffee at a Coffee Shop Is So Expensive, According to Coffee ExpertsThere’s no denying that coffee is an expensive good right now. And unfortunately for our wallets, it’s likely going to stay that way for the foreseeable future due to five main reasons.
Read more »