Crypto Hack Losses Head Past On-Chain Revenue for First Time Since 2020

Crypto hack losses have reached $8.78 billion in 2026, according to DefiLlama. That already tops ARK Invest’s $5.6 billion estimate for on-chain revenue this year, a first since 2020.

One attack drives most of that tally. Even so, decentralized finance (DeFi) protocols lost 58% more in 2026 than in all of 2025. Over the same stretch, ARK’s on-chain revenue estimate fell well below last year’s total.

How One Exchange Breach Rewrote 2026’s Crypto Hack Losses

ARK’s Lorenzo Valente laid out the comparison in a November 12 post. Since 2017, crypto has lost $26.9 billion to hacks and earned $47 billion on-chain.

That works out to 57 cents stolen for every dollar earned, based on Token Terminal and DefiLlama data. ARK’s revenue figure covers the 27 largest projects plus all others.

The October 29 Binance hack, worth $6.36 billion, accounts for about 72% of 2026’s total. The FBI attributed it to North Korea’s TraderTraitor hacking group. Binance says it has covered about 98% of the stolen funds from its own reserves.

Remove Binance, and 2026 losses fall to about $2.42 billion. That sits below 2025’s $2.72 billion, despite 342 logged incidents versus 148.

DeFi Losses Climb While Revenue Thins

The ex-Binance total looks calm, but DeFi protocols moved the other way. They lost $1.19 billion across 243 incidents, up from $757 million in 2025.