Traditional security reviews are proving inadequate in protecting cryptocurrency platforms from cyber threats.

According to data from the crypto market tracking platform CoinGecko, between January 2025 and July 2026, various cyberattacks and private key thefts resulted in losses exceeding $3.63 billion for crypto platforms.

The report indicates that the vast majority of stolen funds and most of the attacked platforms had previously undergone security audits, yet remained vulnerable to hackers.

In its 2026 State of Crypto Security report, CoinGecko highlighted that even with completed security audits, many crypto platforms still failed to fend off hacker assaults, leading to substantial financial damage.

During the period covered, approximately 88% of the stolen funds and 60% of the attacked platforms had received third-party independent security audit clearance.

However, the report notes that most attacks targeted precisely the areas that routine audits typically do not cover.

Among the hardest hit, Bybit suffered the most severe losses, with a $1.4 billion token theft in February 2025 that blockchain analytics firm Elliptic traced back to North Korea. KelpDao ranked second with losses of $292 million, followed by Drift Protocol in third place with $285 million in damages.