Attacks on token protocols and crypto projects dropped a staggering 70% in Q1 2023 compared to the same period last year when greed and valuations ran rampant, a new report by security firm TRM Labs shows. The stolen amount in the first three months this year is less than any quarter in 2022, showcasing better security measures and suggesting an overall drop in easy exploits. The average hack size also took a hit in Q1 2023 – to $10.5 million from nearly $30 million in the same quarter of 2022, even as the number of incidents was similar (around 40), TRM Labs said in its report. “To date, hacking victims have recovered over half of all stolen funds in Q1 2023,” the firm added. “For example, in March 2023, a hacker exploited a bug in Tender.fi’s code that allowed the attacker to steal over USD 1.5 million. The hacker later contacted Tender.fi and agreed to return the funds in exchange for a bug bounty of 62.15 ether, worth $850,000.” The cryptocurrency ecosystem has long been a target for hackers due to its inherent vulnerabilities.
Full report : Attackers Left Empty-Handed as Crypto Hacks Drop 70% in Q1 2023.
If you are interested in keeping abreast with the web3 security incidents, OODA has been compiling a comprehensive Web3 incident database based on our research to categorize what compromises are taking place as well as document the root causes that plague Cryptos, DeFi, NFTs, and Web3 in general. Tracking root causes provides comprehensive insights into how innovators can create robust cyber risk management approaches and reduce the potential for consequential attacks. You can access the OODA comprehensive Crypto Incident tracker here.