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 60% of the affected platforms had “completed independent security audits,” the report said, though most of the attacks concentrated areas that checks do not usually cover.

The report focuses on the period of January 2025 to July of this year, and covers incidents such as the $1.4 billion theft in February 2025 from Bybit, the most affected company on the list, ahead of KelpDao ($292 million lost) and Drift Protocol ($285 million lost).

The latter two incidents were recently surpassed by the $320 million hack on the Liquid Network blockchain, a supposed “white hat” attack reported Sunday (Sept. 6).

The report’s timeframe also stopped before another recent high-profile incident, in which the breach of crypto wallets used by Coldcard customer led to the theft of at least $115 million in bitcoin.