Cryptocurrency Industry Loses $1.18 Billion in Q3, 77% Related to Insufficient Audits

In the third quarter of 2026, the cryptocurrency industry experienced 107 security incidents, resulting in losses of $1.18 billion, a 55% increase compared to the previous quarter. Approximately $906.8 million of these losses were related to breaches of vendors or development tools, unpatched known vulnerabilities, and components not included in the latest audit scope. Andrii Matiukhin, co-founder of Hacken, pointed out that project teams typically only audit critical smart contracts, while wallets, signature systems, and third-party software may not be covered, leading investors to mistakenly believe that the overall project is secure. The largest loss in the third quarter was due to an attack on Bitget, which incurred at least $352 million in losses, as attackers exploited vulnerabilities in third-party security products to gain access to withdrawal infrastructure. Hacken also found that some derivatives trading platforms and prediction markets had insufficient key management arrangements for asset security, but no vulnerabilities currently being exploited were identified on these platforms. The company emphasized that security audits cannot replace ongoing vulnerability management, and project teams must promptly fix known vulnerabilities and ensure that audits cover the system components that actually affect the security of funds.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.