A recent report by TRM Labs shows that the number of digital currency attacks dropped by 70 percent 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.
Average hack size falls to $10.5 Million in Q1 2023
TRM Lab is a blockchain tech intelligence company. It stated on May 22 that in Q1 2023, over 40 digital currency attacks resulted in the theft of about $400 Million. This amount is a 70 percent reduction from Q1 2022.
Additionally, Q1 2023 saw fewer funds stolen through cryptocurrency hacks than any quarter in 2022.
Regardless of the same number of occurrences, the average hack size decreased in Q1 2023 from approximately $30 Million in the comparable quarter of 2022 to $10.5 million.
Over half of all cash stolen up to this point has been returned to victims in Q1 2023.
The cryptocurrency hack respite may not be a longstanding trend
Most of the funds taken from cryptocurrency platforms and users result from a small number of large attacks, which can lead to a whole lot of month-to- 30 days variation in the total amount taken.
Reports by a TRM Labs analysis of 2022 hacks and exploits, the 10 largest hacks in 2022 accounted for around 75 percent of the total sum stolen in 2022.
Along with harming the digital currency ecosystem’s reputation and trust, hacks and vulnerabilities can cause whole lot of losses for traders, investors, Decentralized Finance projects, and exchanges.