A report noted that law enforcement actions are showing a better impact against crypto hackers.
Crypto & blockchain technology has several use cases. On one side Blockchain technology can process huge amounts of data under a fully decentralised ecosystem, other side crypto assets provide opportunities to gain profit through holding for log terms.
Recently TRMLabs, a Cybersecurity research team, published a report and noted that hackers’ activities have been plunging rapidly over month by month.
The report noted that between Q1 2022 to Q1 2023, hacking attacks in the crypto industry plunged by nearly 70%. In only last year, hackers secured nearly $3.6 billion worth of crypto assets.
The most important thing, the researchers noted, is that in the majority of the hack attacks the victim platforms were able to get their majority of the hacked funds back from the hackers, thanks to the Lawsuit & enforcement action threats.
“The average hack size also took a hit in Q1 2023 – to USD 10.5 million from nearly USD 30 million in the same quarter of 2022, even as the number of incidents was similar (around 40). To date, hacking victims have recovered over half of all stolen funds in Q1 2023,” Report stated.
Transparent nature helps crypto victims against bad actors
This is a truth that the majority of the crypto transactions occurred on the transparent blockchain network & it usually remains hard for any hacker to use stolen funds easily in the practical world for cash, without leaving a footprint.
Over the last year, enforcement agencies in several countries showed a better Inclination toward this sector.
Also, top-ranked crypto exchange Binance educated & trained several enforcement agencies to trace the bad actors in the crypto sector.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.