TL;DR
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According to the final report ~$400 million worth of crypto was stolen from TRM Labs in the first three months of 2023.
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That number – $400 million – is 70% fewer than the same period last year.
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There are a few reasons why this could be the case, but either way, the less crypto stolen the better – and we hope it stays that way.
Full story
This may sound bad at first, but hear us out.
According to the final report ~$400 million worth of crypto was stolen from TRM Labs in the first three months of 2023.
(See – sounds bad).
That number – $400 million – is actually 70% fewer than the same period last year.
(Slightly less bad).
So why the dramatic drop?
The positive view:
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As projects mature, they become less vulnerable to attack.
The more hacks that have happened in the past –> the more projects know what to expect –> the more secure they become –> the fewer total number of hacks.
The neither-here-nor-there take:
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There were still many attacks on crypto projects, but the magnitude was really bad down.
For example, the Axie Infinity Ronin bridge hack last March was worth $650 million alone – so maybe there are just fewer, big hacks out there.
The negative view:
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Maybe, just maybe, the number of attacks has decreased because people don’t care anymore.
Developers have moved to AI, as have venture capital firm funds.
Or maybe it’s a combination of all of the above.
Anyway, less $$ stolen is good, and we hope this continues.
