Sunk by 70 % by exploits stolen since last year, more funds returned (report)
Sunk by 70 % by exploits stolen since last year, more funds returned (report)
Last year there were numerous top-class attacks on the crypto ecosystem that targeted everything and everyone, from Phantom Wallets to Smart Contracts.
A frequently chosen goal was cross-chain bridges that made hackers possible to capture heavy head money, especially in the case of Harmony.
severe decline in attacks
According to a new report by Trmlabs cyber security researchers, times seem to change.
According to the paper, the total value stolen by exploits and hacks has decreased by 70 % since the first quarter of 2022. Even if this may seem biased, considering that in the first quarter of 2022 the Ronin Bridge attack worth $ 600 million took place, the data also lasts if you take the rest of the year 2022 into account. A total of almost 3.7 billion US dollars were stolen from criminals last year.
In fact, less value was stolen in the first quarter of 2023 than in any other quarter of 2022. In the previous quarter of 2023, the stolen total value in almost 40 individual attacks was only about $ 400 million-about two thirds came from Ronin Bridge alone.
In addition, the victims of the attacks often manage to get part of the stolen bounty back, which is already a third of what it was on average.
"The average chopping size also suffered a burglary in the first quarter of 2023-from almost $ 30 million in the same quarter of 2022 to $ 10.5 million, even if the number of incidents was similar (around 40). To date, hacker victims have recovered over half of all stolen funds in the first quarter of 2023."
increased control prevents losses
Although it is impossible to name the exact reason for the decline in the scope of the attacks - the between improved cyber security measures, pure boredom or a guilty conscience - the researchers of TRMLABS believe that the increased attention of the law enforcement authorities could be the main responsible here.
Even in cases where exploit did not violate hacking laws, the supervisory authorities took measures for other reasons. For example, Avraham Eisenberg's "profitable trade strategy" brought him into trouble with the SEC, which accused him of securities manipulation.
Illegal exploits have also declined. Since Tornado Cash, the best -known instrument for washing dirty cryptocurrencies, was sanctioned by the USA, all addresses in connection with the mixer have been on a black list, which makes it more difficult for cybercriminals to pay off the revenues from their attacks.
However, the researchers warn that these doldrums could only be temporary in attacks, and call for crypto developers to remain vigilant.
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