/cdn.vox-cdn.com/uploads/chorus_asset/file/23962442/acastro_STK067__03.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24247717/lp_logo_3.0.jpg){kind=logo}
/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Su)
[ad_1]
The crypto ecosystem was hit by a large number of high-profile attacks last year, targeting everything and everyone from phantom wallets to smart contracts.
A common choice of target was cross-chain bridges, which allowed hackers to operate with serious bounties, particularly in the case of Harmony.
sharp reduction in attacks
However, according to a new report from cyber security researchers at TRMLabs, times are changing.
According to paperThe total value stolen through exploits and hacks has decreased by 70% since the first quarter of 2022. The rest 2022 has been taken into account. In total, approximately $3.7 billion worth of funds were stolen by bad actors last year.
In fact, less value was stolen during the first quarter of 2023 than in any other quarter of 2022. In the last quarter of 2023, nearly 40 separate attacks alone brought up the total value stolen to $400 million — nearly two-thirds were from the Ronin Bridge hack alone.
In addition, victims of attacks often manage to recover part of the stolen reward, which is already a third on average compared to a year ago.
“The average hack size also took a hit in Q1 2023 – from around USD 30 million to USD 10.5 million in the same quarter of 2022, even as the number of incidents remained the same (around 40). To date, hacking victims have recovered more than half of the total funds stolen in the first quarter of 2023.”
Enhanced Detection Prevents Damage
While it is impossible to pinpoint the exact reason for the decline in the scope of attacks – which could be anything between improved cyber security measures, sheer boredom, or a guilty conscience – TRMLabs researchers believe that increased attention from law enforcement officials is one reason. It is possible Main contributor here.
Even in cases where the exploit occurred and did not violate hacking laws, regulators took action for other reasons. For example, Avraham Eisenberg’s “profitable trading strategy” got him into trouble with the SEC, which accused him of securities manipulation.
There has also been a decrease in illegal activities. Ever since Tornado Cash, the most famous means of laundering dirty crypto, was sanctioned by the US, all addresses belonging to the mixer have been blacklisted, making it harder for cybercriminals to cash in the proceeds of their attacks. Is.
However, the researchers warn that this decrease in attacks may be temporary and urge crypto devs to remain vigilant.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
The crypto ecosystem was hit by a large number of high-profile attacks last year, targeting everything and everyone from phantom wallets to smart contracts.
A common choice of target was cross-chain bridges, which allowed hackers to operate with serious bounties, particularly in the case of Harmony.
sharp reduction in attacks
However, according to a new report from cyber security researchers at TRMLabs, times are changing.
According to paperThe total value stolen through exploits and hacks has decreased by 70% since the first quarter of 2022. The rest 2022 has been taken into account. In total, approximately $3.7 billion worth of funds were stolen by bad actors last year.
In fact, less value was stolen during the first quarter of 2023 than in any other quarter of 2022. In the last quarter of 2023, nearly 40 separate attacks alone brought up the total value stolen to $400 million — nearly two-thirds were from the Ronin Bridge hack alone.
In addition, victims of attacks often manage to recover part of the stolen reward, which is already a third on average compared to a year ago.
“The average hack size also took a hit in Q1 2023 – from around USD 30 million to USD 10.5 million in the same quarter of 2022, even as the number of incidents remained the same (around 40). To date, hacking victims have recovered more than half of the total funds stolen in the first quarter of 2023.”
Enhanced Detection Prevents Damage
While it is impossible to pinpoint the exact reason for the decline in the scope of attacks – which could be anything between improved cyber security measures, sheer boredom, or a guilty conscience – TRMLabs researchers believe that increased attention from law enforcement officials is one reason. It is possible Main contributor here.
Even in cases where the exploit occurred and did not violate hacking laws, regulators took action for other reasons. For example, Avraham Eisenberg’s “profitable trading strategy” got him into trouble with the SEC, which accused him of securities manipulation.
There has also been a decrease in illegal activities. Ever since Tornado Cash, the most famous means of laundering dirty crypto, was sanctioned by the US, all addresses belonging to the mixer have been blacklisted, making it harder for cybercriminals to cash in the proceeds of their attacks. Is.
However, the researchers warn that this decrease in attacks may be temporary and urge crypto devs to remain vigilant.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
