Crypto hacks have caused $8.78 billion in losses across 342 incidents through November 11, according to DefiLlama.
This exceeds ARK Invest’s $5.6 billion forecast for 2026 on-chain revenue, putting hack losses on course to top annual revenue for the first time since 2020.
In a November 12 post on X, ARK’S Lorenzo Valente laid out the comparison. Since 2017, the crypto industry has lost $26.9 billion to hacks against $47 billion in on-chain revenue, meaning 57 cents has been stolen for every dollar earned on-chain.
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Binance accounts for most 2026 hack losses
The October 29 Binance hack accounted for $6.3 billion, or about 72% of the 2026 total. The FBI attributed the incident to North Korea’s TraderTraitor hackers.
Losses from other 2026 incidents totaled about $2.42 billion, compared with $2.72 billion in total tracked losses in 2025.
Since the Binance breach, crypto exchanges have strengthened their defenses and shared more information, Reuters reported.
DeFi losses rise by more than half
DeFi protocols lost $1.19 billion across 243 incidents through November 11, up from $757 million in all of 2025, BeInCrypto reported.
April’s attacks on Solana-based Drift Protocol and Kelp DAO cost about $577 million combined, based on Chainalysis estimates.
In 2020, the last year’s hack losses exceeded on-chain revenue; losses reached $4 billion against $1 billion in revenue.
On-chain revenue jumped to $12.5 billion in 2021 and stayed above tracked losses through 2025.
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