Cryptocurrency platforms are facing significant financial losses due to sophisticated hacks, despite many of them undergoing independent security audits.
A recent report from CoinGecko revealed that between January 2025 and July 2026, crypto platforms experienced a total loss of $3.63 billion in 245 documented incidents.
The top 10 largest attacks during this period were responsible for over 72.5% of the total amount stolen.
Surprisingly, out of the 245 incidents reported since early 2025, 147 of them involved protocols that had previously passed security audits before being compromised.
These audited protocols accounted for a whopping 88.44% of the total funds drained over the past 19 months.
While only 11.0% of the incidents were related to smart contract flaws, they still resulted in losses amounting to $396 million.
Infrastructure and supply chain vulnerabilities led to over $1.8 billion in losses, while decentralized applications suffered $546 million in losses due to smart contract exploits.
The coverage provided by crypto insurance platforms decreased by 20.2%, from $163.2 million to $130.2 million, with cumulative payouts reaching $33 million.
As of August 2026, five out of nine on-chain insurance protocols have become inactive or shifted focus.
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Generated Image: Midjourney