Crypto Hacks Plunge 70% in Q1 2023, Victims Recover Over Half of Stolen Funds, but Experts Warn of Temporary Relief

0 6

Crypto Hacks Plunge 70% in Q1 2023, Victims Recover Over Half of Stolen Funds, but Experts Warn of Temporary Relief

knife

On May 22, 2023, a report released by the blockchain analysis firm TRM Labs delved into nearly 40 hacks and assaults on cryptocurrency projects within the first quarter, discovering a 70% decline in incidents over the previous three months. The study says the slowdown is probably temporary, with over half of the purloined funds being reclaimed by hacking victims in Q1 2023.

Crypto Crime Cools: Hacks and Attacks Plummet 70% in Q1 2023

TRM Labs approximates that close to $400 million was pilfered in Q1 2023 from almost 40 separate crypto infiltrations and attacks. This statistic has plunged by around 70% compared to Q1 2022, as per the findings of the blockchain analytics firm. Moreover, this year’s first quarter recorded lower figures than any quarter of 2022 since the typical hack amounted to $10.5 million.

In contrast, the mean hack value during Q1 2022 reached over $30 million, experiencing a comparable count of nearly 40 incidents. A notable disparity between this year’s and last year’s breaches is the substantial amount of recoveries. “To date, hacking victims have recovered over half of all stolen funds in Q1 2023,” stated TRM Labs in its recent analysis.

TRM Labs investigators clarify that there is no “obvious explanation for the lull,” but cybercriminals might have been discouraged by two particular events. The first entails the U.S. government’s allegations toward Avraham Eisenberg in connection with the Mango Markets occurrence last year. The second possible cause for the hiatus mentioned by researchers was the sanctions imposed on ethereum (ETH) mixer Tornado Cash as a result of last year’s U.S. Treasury actions.

The report from TRM Labs highlights that blockchain monitoring tools have advanced and virtual asset service providers (VASPs) have elevated their anti-money laundering (AML) criteria. These elements could have contributed to Q1’s deceleration, but experts do not foresee its continuation. “Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend,” the blockchain intelligence company’s Q1 2023 examination concludes.

Is the recent decline in crypto hacks a sign of a turning tide in cybersecurity or merely a temporary respite before the storm? Share your opinions and insights in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 67,213.01
ethereum
Ethereum (ETH) $ 3,523.31
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 594.02
solana
Solana (SOL) $ 174.17
staked-ether
Lido Staked Ether (STETH) $ 3,522.27
usd-coin
USDC (USDC) $ 1.00
xrp
XRP (XRP) $ 0.594835
dogecoin
Dogecoin (DOGE) $ 0.134526
the-open-network
Toncoin (TON) $ 7.27
cardano
Cardano (ADA) $ 0.437642
tron
TRON (TRX) $ 0.134721
avalanche-2
Avalanche (AVAX) $ 29.15
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,279.03
polkadot
Polkadot (DOT) $ 6.33
chainlink
Chainlink (LINK) $ 14.26
bitcoin-cash
Bitcoin Cash (BCH) $ 395.42
near
NEAR Protocol (NEAR) $ 6.29
uniswap
Uniswap (UNI) $ 8.02
litecoin
Litecoin (LTC) $ 73.11
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.68
wrapped-eeth
Wrapped eETH (WEETH) $ 3,676.13
pepe
Pepe (PEPE) $ 0.000012
matic-network
Polygon (MATIC) $ 0.541997
internet-computer
Internet Computer (ICP) $ 10.29
kaspa
Kaspa (KAS) $ 0.181314
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.46
ethereum-classic
Ethereum Classic (ETC) $ 23.94
aptos
Aptos (APT) $ 7.38
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105388
monero
Monero (XMR) $ 163.30
mantle
Mantle (MNT) $ 0.899507
blockstack
Stacks (STX) $ 1.91
render-token
Render (RNDR) $ 6.90
filecoin
Filecoin (FIL) $ 4.71
injective-protocol
Injective (INJ) $ 27.59
hedera-hashgraph
Hedera (HBAR) $ 0.074576
dogwifcoin
dogwifhat (WIF) $ 2.64
maker
Maker (MKR) $ 2,808.56
arbitrum
Arbitrum (ARB) $ 0.779803
okb
OKB (OKB) $ 43.00
cosmos
Cosmos Hub (ATOM) $ 6.53
immutable-x
Immutable (IMX) $ 1.65
crypto-com-chain
Cronos (CRO) $ 0.093988
vechain
VeChain (VET) $ 0.030587
bittensor
Bittensor (TAO) $ 337.52
arweave
Arweave (AR) $ 33.62
optimism
Optimism (OP) $ 1.93
bonk
Bonk (BONK) $ 0.000031
sui
Sui (SUI) $ 0.849815
the-graph
The Graph (GRT) $ 0.213433
first-digital-usd
First Digital USD (FDUSD) $ 1.00
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,570.93
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,938.09
floki
FLOKI (FLOKI) $ 0.000201
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,671.27
lido-dao
Lido DAO (LDO) $ 1.93
notcoin
Notcoin (NOT) $ 0.016268
thorchain
THORChain (RUNE) $ 4.88
theta-token
Theta Network (THETA) $ 1.63
bitget-token
Bitget Token (BGB) $ 1.14
ondo-finance
Ondo (ONDO) $ 1.09
aave
Aave (AAVE) $ 98.93
based-brett
Brett (BRETT) $ 0.148163
fantom
Fantom (FTM) $ 0.521982
whitebit
WhiteBIT Coin (WBT) $ 10.15
jasmycoin
JasmyCoin (JASMY) $ 0.029942
jupiter-exchange-solana
Jupiter (JUP) $ 1.04
pyth-network
Pyth Network (PYTH) $ 0.368909
algorand
Algorand (ALGO) $ 0.158222
celestia
Celestia (TIA) $ 6.55
coredaoorg
Core (CORE) $ 1.42
sei-network
Sei (SEI) $ 0.398258
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,507.15
mantra-dao
MANTRA (OM) $ 1.34
quant-network
Quant (QNT) $ 75.59
gatechain-token
Gate (GT) $ 7.84
elrond-erd-2
MultiversX (EGLD) $ 36.30
flow
Flow (FLOW) $ 0.64804
beam-2
Beam (BEAM) $ 0.019247
gala
GALA (GALA) $ 0.026049
popcat
Popcat (POPCAT) $ 0.97679
axie-infinity
Axie Infinity (AXS) $ 6.40
kucoin-shares
KuCoin (KCS) $ 9.88
bitcoin-sv
Bitcoin SV (BSV) $ 47.48
msol
Marinade Staked SOL (MSOL) $ 209.36
eos
EOS (EOS) $ 0.609613
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,585.18
tokenize-xchange
Tokenize Xchange (TKX) $ 11.18
flare-networks
Flare (FLR) $ 0.020154
akash-network
Akash Network (AKT) $ 3.64
bittorrent
BitTorrent (BTT) $ 0.00000090454235
dydx-chain
dYdX (DYDX) $ 1.44
ordinals
ORDI (ORDI) $ 41.44
ethereum-name-service
Ethereum Name Service (ENS) $ 26.49
ethena
Ethena (ENA) $ 0.502226
neo
NEO (NEO) $ 11.83