Blockchain Firm Warns of Limited Relief as Crypto Hacks Decline in Q1

Crypto users are being urged to remain vigilant despite a drop in crypto hacks during the first quarter of 2023. While the first quarter has seen a significant decline in crypto hacks, according to a report by TRM Labs, it is most likely a “temporary reprieve, rather than a long-term trend,” warns the firm. A report by Chainalysis reveals 2022 was the worst year for crypto hacking ever, with an estimated $3.8 billion stolen, primarily from decentralized finance (DeFi) protocols and North Korea-linked attackers. However, crypto hacks decreased significantly in Q3 2022 before a “record-setting number of hacks” in Q4 and a resulting record year. TRM Labs adds just a few large-scale attacks could tip the scales again. Although the reason for the decline in hacks during Q1 2023 is unknown, TRM Labs suggests the US Treasury’s sanctioning of cryptocurrency mixer, Tornado Cash, and the arrest and charge of Mango Markets’ exploiter, Avraham Eisenberg, may have discouraged potential hackers. However, blockchain security firm Certik has warned that it does not anticipate a respite in exploits, flash loans or exit scams in 2023, and hackers targeting bridges may make further attempts throughout the year.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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