The Number Of Hacks Is Down – Is That Good News or Bad News?

TL;DR

• Based on the latest report from TRM Labs, ~$400M price of crypto was stolen within the first three months of 2023.

• That quantity – $400M – is 70% much less than the identical interval final 12 months.

• There are a number of the explanation why this might be the case, however both approach, the much less crypto stolen, the higher – and we hope that continues.

Full Story

This may sound dangerous at first, however hear us out.

Based on the latest report from TRM Labs, ~$400M price of crypto was stolen within the first three months of 2023.

(See – sounds dangerous).

That quantity – $400M – is definitely 70% much less than the identical interval final 12 months.

(Barely much less dangerous).

So why the dramatic lower?

The optimistic take:

• As tasks mature, they change into much less weak to assaults.

  The extra hacks that’ve occurred up to now –> the extra tasks know what to account for –> the safer they change into –> the much less total variety of hacks.

The neither-here-nor-there take:

• There have been nonetheless loads of assaults on crypto tasks, however the magnitude was wayyy down.

  For instance, the Axie Infinity Ronin bridge hack in March final 12 months was price $650M alone – so possibly there are simply much less, massive hacks.

The damaging take:

• Perhaps, simply possibly, the variety of assaults has diminished as a result of folks have stopped caring as a lot.

  Builders have moved to AI, as have the funds from enterprise capital corporations.

Or possibly it is a mixture of all the above.

Both approach, much less $$ stolen is sweet, and we hope that continues.