Crypto Security: The Surprising Drop in Hacking Acts in 2023

Acts of hacking in the crypto industry are almost daily. There are indeed many bad actors in the sector whose main task is this. This dirty work seems to have cooled significantly in recent weeks. A positive sign for the crypto industry, but temporary all the same.

Crypto hacking acts down 70% on 1er quarter 2023

Obviously, it’s lean season for crypto hackers. A study published on Monday May 22 shows that their activities have dropped considerably at the end of the first half of 2023.

The figures provided on this subject by the blockchain analysis firm TRM Labs are rather impressive. Indeed, data shows that acts of crypto hacking fell by 70% over the period.

This information, which actually covers 40 hacks of crypto projects, reveals something else surprising. The victims of these malicious acts were able to recover more than half of the funds stolen from them.

Thus, out of a total of $30 million stolen on 1er quarter, more than $15 million would be recovered. A significant performance compared to last year. The big question is how is this possible?

TRM Labs does not have a definitive answer to this question. According to the firm, there is no “obvious explanation for this lull”. However, certain events may have pushed the hackers to temporarily let go of the ballast.

The first element to consider concerns the Mango Markets affair. We remember the arrest, in 2022, of Avraham Eisenberg, the author of this hack worth more than $100 million. TRM Labs experts believe the allegations against him may have caused hackers to slow down.

They also believe that restrictions on the Tornado Cash platform potentially supported this slowdown effect. Not to mention that blockchain monitoring tools are progressing as are anti-money laundering measures. There is a catch, however: this trend is only temporary. “Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend”concludes TRM Labs.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential!

Similar Posts