Blockchain analysis firm TRM Labs announced that losses from cryptocurrency hack attacks in 2023 have decreased by more than 50% compared to 2022, attributing this decline to security improvements in the sector.
According to the report shared by TRM Labs, approximately 1.7 billion dollars in losses were incurred as a result of 160 attacks on crypto projects in 2023. This figure is less than half of the 4 billion dollars stolen from crypto protocols in 2022.
Researchers indicated that this decrease stemmed from advanced security measures. The cryptocurrency sector has strengthened crypto wallets and service platforms by integrating real-time transaction monitoring and anomaly detection systems.
In 2022, the cryptocurrency industry faced significant thefts due to crypto vulnerabilities and hack attacks. Blockchain data analysis platform Chainalysis had characterized 2022 as the biggest year in history for hack activities until mid-October.
TRM Labs’ research report reveals that law enforcement agencies worldwide have increased their efforts against cybercrimes in the cryptocurrency sector. Collaborative actions, rapid responses, and improved asset recovery tactics enhance the chances of deterring cybercriminals and improving detection and prosecution.