Crypto hacks falling in Q1 is but a 'temporary reprieve' — Blockchain firm
It was warned that the amount stolen in Q1 2023 mirrors Q2 2022, which was followed by a “record setting number of hacks.” 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 (DeFi) protocols and North Korea-linked attackers, according to a report from Chainalysis earlier this year. 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.” Graph showing hacks and exploits from Q1 2022 - Q1 2023. Source: TRM Labs It was also noted that the average hack size dropped nearly 65% compared to the prior year pe...