Crypto Hack Decline in Q1 2023: Temporary Relief or Calm before Storm

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Crypto Hack Decline in Q1 2023: Temporary Relief or Calm before Storm
Crypto hacks significantly decreased during Q1 2023 compared to 2022, according to a report by blockchain intelligence company TRM Labs.
According to the TRM Labs study reported by Cointelegraph, the amount stolen in cryptocurrencies dropped dramatically from nearly $30 million to less than $11 million compared to the quarters of 2022.
“The average hack size also took a hit in Q1 2023 – down to $10.5 million from nearly $30 million in the same quarter of 2022, even though the number of incidents was similar (around 40).”
However, the company warned that the decrease is likely only a temporary relief rather than a long-term trend, as in the past, declines of this kind were followed by a record increase in attacks.
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