TRM Labs: Sanctions on Tornado Cash Key to Decline in Crypto Hacks Last Quarter

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Today’s Cryptocurrency Headline

A recent report by blockchain intelligence firm TRM Labs reveals that sanctions on Tornado Cash played a crucial role in reducing cryptocurrency hacker attacks last quarter. The report states that hackers stole approximately $400 million from crypto projects in 40 attacks, marking a 70% decrease in stolen funds compared to the same period in 2022. While the number of hacking incidents remained stable, the average size of each attack dropped from $30 million to $10.5 million. Furthermore, the amount stolen by hackers in Q1 2023 was lower than in any quarter of 2022. The report attributes these positive trends to legal actions against hackers and the sanctions imposed on Tornado Cash last year, making money laundering more difficult.

BingX’s Bitcoin Chart

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Although BTC bulls have regained some upward momentum, their overall performance is not convincingly strong. In the short term, there remains a certain probability of downside risk. The area below 25,500 is a highly concentrated zone of trading activity, which has formed a strong support level after the volume breakthrough. The price has already experienced a rapid decline near this level on May 12, but the fact that it did not break below further validates the strength of this support level. In the past 10 days, there have been oscillations, but no new lows have been established on the daily chart. Conversely, the lows are trending higher, and the rebound momentum of the bulls is increasing.

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