In a report published on November 12, 2026, at 21:31 (UTC+8), Cointelegraph cited an analysis by Lorenzo Valente, director of digital asset research at ARK Investment Management. Valente said the crypto industry had lost about $26.9 billion to hacks since 2017, compared with $47 billion in total onchain revenue—roughly 57 cents lost for every dollar earned. He described security as a bottleneck.
Valente’s chart put 2026 hack losses to date at $8.7 billion, above his $5.6 billion estimate for full-year 2026 onchain revenue. The report said the $6.3 billion attributed to a recent Binance hack alone exceeded that revenue estimate. It also said hack losses were on track to exceed onchain revenue by year-end for the first time since 2020. That is a projection, not a completed full-year comparison.
The report cited a $387 million Bitget hack in September, a $320 million Liquid Network exploit and a $295 million Drift Protocol exploit in April. It also noted that JPMorgan analysts had identified bridge security as a long-standing challenge in an April research note.
According to DefiLlama figures cited in the report, DeFi total value locked fell from $85.9 billion on October 29 to $77.4 billion on November 12. Those figures establish the change over that period, but do not by themselves show that the Binance exploit caused it.
