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Cryptocurrency Theft Declines in Q1 2023, but Hacking Incidents Persist

The volume of cryptocurrencies stolen in the first quarter of 2023 fell 65% from the same period in 2022, according to analyst firm TRM Labs. However, the number of break-ins has hardly decreased.

2022 was the biggest year in terms of stolen cryptocurrencies – hackers managed to withdraw $3.8 billion from various projects.

We are mainly talking about DeFi projects and bridges. While about $1.2 billion was stolen in the first quarter of 2022, the figure for the same period this year was about $400 million.

“The average volume of stolen cryptocurrencies has declined markedly.

While a year ago, hackers took out an average of $30 million per asset hack, the figure dropped to $10.5 million in the first quarter of 2023.

At the same time, the number of hacks remained almost the same – about 40,” TRM Labs analysts write.

The company’s experts urged participants in the crypto-industry not to relax.

Analysts recalled that the volume and number of hacks declined markedly in the third quarter of 2022, and the fourth quarter was a record for both.

“Unfortunately, this decline is simply a temporary respite rather than a long-term trend,” the report notes.

It was previously reported that North Korean hackers stole $721 million in cryptocurrency from Japanese entrepreneurs between 2017 and 2023.