Record number of hacks in the second quarter of 2026: the crypto industry faces a new threat
The second quarter of 2026 went down in crypto industry history as the most "hack-prone" period: analysts recorded 83 incidents with protocols — an absolute record in terms of the number of attacks. However, the total damage amounted to $755.3 million, significantly lower than previous peaks.
Major Incidents and Their Consequences
According to DeFiLlama data, two attacks dominated: the KelpDAO hack for $293 million and the Drift Protocol exploit for $280 million. Together, these two incidents account for over 75% of the quarter's total damage. Particularly alarming is the trend of cross-chain bridge attacks: damage in this segment reached $351 million, of which 38% came from the LayerZero OFT bridge incident linked to KelpDAO. Another 37% of losses are associated with compromised admin access and token price manipulation. Theft of private keys, though less large-scale (5.66%), remains a critical vulnerability.
Why is the Number Rising While Damage is Decreasing?
Despite the record number of incidents, the second quarter of 2026 was not the most costly in terms of losses. The record is still held by the fourth quarter of 2020 with $3.56 billion. Experts attribute this dynamic to a sharp decline in overall ecosystem liquidity: the total value locked (TVL) dropped from $164 billion to approximately $73 billion. This means attackers simply had fewer resources to target. However, the increase in the number of incidents points to a systemic problem: the pace of protocol development is outpacing the maturity of their risk management systems. As noted by Dmitry Tarasyuk, Product Director at CORE3 and CER.live, many projects use a "three out of six" multi-signature scheme but store three keys on one laptop — a gross mistake.
Additional Incidents and Lessons
In May, THORChain developers confirmed a $10 million hack, leading to a suspension of the protocol's operations. Also, on June 8, unknown attackers compromised Humanity Protocol wallets, causing $31 million in damage. These incidents highlight that even major projects are not immune to attacks, and their responses are often delayed.
My expert opinion: The rise in the number of hacks amid a decrease in total damage is a troubling signal for the entire industry. It indicates that hackers are adapting to lower liquidity, focusing on smaller but more numerous targets. Investors and developers need to rethink their approaches to security, from implementing multi-factor authentication to regular code audits. Without this, the crypto industry risks facing a wave of small-scale attacks that could undermine user trust.