TRM Labs Reports Significant Decline in Stolen Cryptocurrencies during Q1 2023

“TRM Labs: Significant Drop in Stolen Cryptocurrencies During Q1 2023, but Hack Rates Remain Steady”

TRM Labs has revealed that the number of cryptocurrencies stolen in the first quarter of 2023 experienced a notable 65% decline compared to the same period in 2022. However, the number of hacking incidents has shown little reduction.

The year 2022 witnessed a staggering surge in stolen cryptocurrencies, with hackers managing to siphon off $3.8 billion from various projects.

The primary targets were DeFi projects and cross-chain bridges. While approximately $1.2 billion was stolen during Q1 of 2022, the corresponding figure for this year stood at around $400 million.

TRM Labs Significant Drop in Stolen Cryptocurrencies During Q1 2023, but Hack Rates Remain Steady

TRM Labs analysts emphasize that the average volume of stolen cryptocurrencies has significantly decreased. In the first quarter of 2023, hackers extracted an average of $10.5 million per hack, a notable decrease from the $30 million average seen a year ago. However, the number of hacking incidents remained almost unchanged, with approximately 40 reported cases.

Despite the decline, TRM Labs experts cautioned participants in the crypto industry against complacency. They highlighted that the third quarter of 2022 witnessed a substantial reduction in both hacking volume and incidents, with the fourth quarter setting record lows for both indicators.

Regrettably, the report emphasizes that this decline is likely a temporary respite rather than a long-term trend.

In a separate development, it was previously reported that from 2017 to 2023, North Korean hackers pilfered $721 million in cryptocurrency from Japanese entrepreneurs.

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