Recent data shows that the 10 largest crypto hacks have resulted in losses of over $5.6 billion, raising concerns about whether the industry’s security measures are keeping pace. While DeFi-specific solutions are improving, most of these major losses didn’t actually come from decentralized protocols.

High-profile incidents like the collapse of FTX and the hack of Mt. Gox highlight that centralized platforms remain a major vulnerability. Additionally, cross-chain bridge exploits have contributed heavily to losses, showing that the biggest risks often lie outside core DeFi lending systems. This suggests that improving security requires a broader approach beyond just protocol-level fixes.