This is the shape of 2026's worst losses, with crypto losing roughly $972 million so far this year. If you look at the sheer number of incidents, you would think the industry is losing ground. But if you look into how much has actually been stolen in total, a narrower, more uncomfortable pattern shows up. Across the 425 hacks we studied from 2021 to 2025, a small share of operational failures carries most of the value lost. In the 2024 to 2025 window, 54.6% of all value lost, across 191 hacks, can be traced to centralized exchange compromises: the keys, custody and signing that sit above the contract.