Crypto hacks are a wake-up call for DeFi

Crypto hacks underscore the urgent need for CEXs and DeFi to overhaul their security, collaborate on risk management and embrace self-regulation.

Opinion by: Orest Gavryliak, chief legal officer, 1inch Labs

The Bybit breach in February smashed the record for the biggest hack in crypto history. More than $1.4 billion was stolen by North Korean cybercriminals in the blink of an eye, with the audacious heist making headline news around the world.

Now, as TRM Labs reports, $2.1 billion worth of crypto has been lost to attacks in the first half of 2025. That’s an exorbitant amount of money, and yet, the hacks seem set to continue.

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