Recent data from PeckShield reveals a concerning trend in the crypto industry: major hacking events have resulted in significant financial losses, with April seeing an alarming 990% surge compared to March. This dramatic rise is attributed to the escalating number of hacks, totaling over $360 million stolen across 18 incidents in the past month alone. Notably, the Bybit hack stands out as a major event, resulting in a staggering loss of $1.4 billion in assets. The industry’s struggle with cybersecurity has been highlighted by experts like Dyma Budorin, CEO of Hacken, who asserts that despite high-profile hacks such as the Bybit incident, crypto firms still lack comprehensive security measures. 8He emphasizes the need for a more robust and layered approach to security beyond current limitations like bug bounties and penetration tests. This should include supply-chain security, operational security, and blockchain-specific security assessments – methods seen in traditional industries. The industry has yet to adopt these comprehensive strategies. 5Even though recent developments such as Chainalysis’ near real-time blacklisting of stolen funds offer a positive step, the industry still relies on reactive measures. This contrasts with the swift action taken previously when hackers were able to launder funds within a short timeframe of only three days. This highlights the need for more proactive security practices and deeper structural changes in the industry to combat deep-rooted risks.