Crypto Platforms Lose $3.6 Billion to Hacks Despite Security Audits
Hacks and theft cost cryptocurrency platforms over $3.6 billion in the last 18 months. That’s according to recent findings by CoinGecko, cited in a report Tuesday (Sept. 8) by CNBC, which notes most of these incidents — the results of cyberattacks and stolen passkeys — happened despite the companies conducting security audits. Roughly 88% of the stolen funds and about […] The post Crypto…
Cryptocurrency platforms suffered $3.6 billion in losses due to hacks and theft over the past 18 months, according to CoinGecko's latest findings. Despite security audits conducted by 88% of the affected platforms, most of the attacks exploited areas not typically covered by these checks. Bybit, KelpDao, and Drift Protocol were among the most impacted, losing $1.4 billion, $292 million, and $285 million respectively.
The report also highlighted a recent hack on the Liquid Network blockchain, valued at $320 million. The period covered in the report extended from January 2025 to July of this year, but did not include a breach of Coldcard customer wallets that led to a $115 million theft in bitcoin. CoinGecko's report underscores that security breaches continue to pose a significant threat, even to platforms that have undergone audits.
The majority of these breaches involved external infrastructure, unaudited code updates, or systemic features manipulated through governance attacks. Only around 11% of these incidents were due to vulnerabilities in smart contracts, which still resulted in $396 million in losses.
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