It was stated that the amount taken in Q1 2023 will be similar to the amount taken in Q2 2022, which was followed by a “record setting number of hacks.”
Although the number of cryptocurrency hacks has significantly decreased in the first quarter of 2023 compared to the same period last year, experts warn against complacency. A record-breaking $3.8 billion in money were stolen last year, mostly using DeFi protocols and North Korea-affiliated criminals. Recent evidence, however, points to a decrease in crypto hacking activities in Q1 2023.
Crypto community urged to remain vigilant despite decline in crypto hacks
The amount lost through cryptocurrency thefts in the first quarter of this year was the smallest compared to any quarter in 2022, according to a report from TRM Labs. Despite this encouraging tendency, experts think it is more of a short-term respite than a long-term trend. The crypto community must always be vigilant about security and maintain a proactive attitude.
The constantly changing crypto hacking environment emphasizes the necessity for ongoing work to improve security controls, put in place reliable protocols, and increase user awareness. Individuals and organizations may reduce the risks connected with cryptocurrency hacks and provide a safer environment for all players in the crypto space by exercising caution and implementing best practices.
History implies that despite the decline, crypto users shouldn’t become comfortable. Prior to “a record-setting number of hacks” in Q4 that “turned 2022 into a record year,” the third quarter of 2022 saw a dramatic decline in cryptocurrency hacks, according to TRM Labs.
It stated, “Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend,” adding that just a few significant attacks might swing the balance once more.