The crypto community is being urged not to let their guard down despite a significant drop in crypto hacks during the first quarter of 2023 – with a strong warning that this could be a “temporary pause, instead of the usual length”.
Last year was the biggest year in the history of crypto hacking, stealing $3.8 billion, most of it from the digital currency (DeFi) and attackers linked to North Korea, according to reports by Chainalysis earlier this year.
However, this number seems to have dropped significantly in the first quarter of 2023. According to a May 21 report from TRM Labs, the amount stolen from crypto hacks in the first quarter of 2023 “was lower than any other quarter in 2022.”
It was also found that the average size of hacks decreased by almost 65% compared to last year.
Despite the failure, history shows that crypto users should not be complacent. Crypto hacks fell sharply in Q3 2022, ahead of a “record number of hacks” in Q4, which “turned 2022 into a record year,” TRM Labs said.
“Unfortunately, this failure is likely to be a temporary setback rather than a long-term trend,” he said, adding that a few large-scale attacks could use make the scales appear again. Although it was said that “there is no single clear explanation for the lull”, TRM Labs suggested that the US Treasury’s support of the cryptocurrency mixer Tornado Cash and the arrest of the PF and the charges against Mango Markets exploitation Avraham Eisenberg may have ended – become hackers. .
In January, blockchain security firm Certik told our sources that it “does not expect any compensation from exploitation, power leases or exits.”
He said there could be “another hacker attempt to target the bridge in 2023”. These bridges accounted for six of the 10 most used bridges in 2022, which saw a projected cost of $1.4 billion.
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