The crypto industry lost $1.32 billion in six months: the real statistics are worse than they seem
In the first six months of 2026, the crypto industry suffered losses of $1.32 billion due to hacks and security incidents. At first glance, this is 46.8% less than in the same period of 2025. However, as my analysis shows, this figure is misleading.
The key factor distorting the statistics is the record-breaking $1.4 billion hack of the Bybit exchange last year. If we exclude this single incident, the actual reduction in losses turns out to be minimal. Moreover, in the second quarter of 2026, losses increased by 59% compared to the first quarter, reaching $807.5 million. This indicates that attacks are becoming more targeted and costly.
Main Threats: From Phishing to Wallet Compromise
In the first quarter, the main attack vector was phishing, but in the second quarter, wallet compromise took the lead. The most high-profile incidents were the hacks of KelpDAO and Drift Protocol, which accounted for over 70% of all quarterly losses. These attacks were not simple key thefts; they combined social engineering and the seizure of administrative procedures.
The overall trend is clear: attackers are moving from mass scams to complex, multi-stage operations targeting infrastructure and signature management. Recommendations for strengthening security include protecting private keys, distributing signatories across different jurisdictions, and implementing additional controls for large transfers.
The North Korean Connection and Record Number of Incidents
According to TRM Labs, 207 separate incidents were recorded in the first half of the year — an absolute record. Of these, 60% were smart contract hacks, but the main damage (about 76%) was caused by infrastructure attacks: compromise of keys, credentials, and signing systems.
The activity of hacker groups linked to North Korea is particularly alarming. They are estimated to be responsible for stealing approximately $643 million — about 66% of all stolen funds. The attacks on KelpDAO and Drift Protocol are also attributed to North Korean hackers. At the end of June, delegations from the US, Japan, and South Korea discussed in Washington strengthening coordination to combat this threat, emphasizing that crypto thefts are funding Pyongyang's weapons programs.
My comment: The official loss figure of $1.32 billion is just the tip of the iceberg. The actual damage, considering undisclosed incidents and the increasing complexity of attacks, is significantly higher. The industry urgently needs to rethink its approach to security: relying on "smart" contracts without infrastructure protection is a path to new loss records. The second quarter of 2026, with its 83 hacks and $755.3 million in damages, has already been called a record for the number of incidents, and this is an alarming signal for the entire market.