As reported by Cointelegraph, in spite of the fall in the rate of crypto during the first quarter of 2023, the crypto market is expected not to set lose its security. It is expected that it can be a “temporary reprieve, rather than a long-term trend.”
With insights from Chainalysis, a blockchain data platform, it is estimated that about $3.8 billion was stolen in crypto hacks. Most of the hacks took place in decentralized finance (DeFi) protocols and were initiated by North Korea-linked attackers, Cointelegraph added.
As per reports by TRM labs on May 21, 2023, “The average hack size also took a hit in Q1 2023 – to USD 10.5 million from nearly USD 30 million in the same quarter of 2022, even as the number of incidents was similar (around 40).”
Furthermore, “Unfortunately, this slowdown is most likely a temporary reprieve rather than a long-term trend,” TRM labs mentioned adding that a few large-scale attacks are enough to increase the hacking cases in future, Cointelegraph concluded.
(With insights from Cointelegraph)