May 22, 2023

Crypto Hacks in Q1 Drops Than Any Quarter in 2022

Crypto Hacks

Crypto Hacks

The crypto hacks in the first quarter of 2023 significantly declined, a recent report was quoted by Cointelegraph as saying.

TRM Labs reported that the amount of money stolen due to crypto hacks in the first quarter of this year was less than of crypto hacks that occurred in any quarter of 2022. According to the report, the average hack size plummeted by around 65% compared to the prior year period.

“The average hack size also took a hit in Q1 2023 ­– to USD 10.5 million from nearly USD 30 million in the same quarter of 2022, even as the number of incidents was similar (around 40),” the report said.

However, the report pointed out that the crypto community should not be optimistic, recalling the drop in the crypto attacks in the third quarter of 2022, followed by a record one as the record-setting number of hacks turned 2022 into a record year.

TRM Labs noted that there is no clear explanation for this drop, but the sanctioning of cryptocurrency mixer Tornado Cash by the U.S. Treasury and the detention of and charges against Mango Markets exploiter Avraham Eisenberg likely dispirited the hackers during this time.

Earlier, a report by the UN said North Korea topped the world’s countries in terms of crypto hackers, who stole crypto assets in 2022 more than any year before, a report by the United Nations showed.

The report, which was submitted to the UN Security Council Sanctions Committee on North Korea last week, reportedly found North Korean hackers stole crypto assets with a value ranging between $630 million and more than $1 billion last year after attacking networks of defense companies and foreign aerospace.

The UN report pointed out that the North Korean attacks were more complicated than in previous years, making the process of tracking stolen crypto assets more difficult than ever.

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