Crypto: 34 DeFi protocols hacked, $169 million stolen

DeFi hasn’t had its most explosive quarter, but it remains an open target. In the first quarter of 2026, hackers stole approximately $168.6 to $169 million from 34 DeFi protocols. This number is significantly lower than in the first quarter of 2025, but it reminds us of one simple thing: in cryptocurrencies, calm is never safe.

Overall reduction, but not real relief

The damage seems to slow down, but not in its logic. Last year, the first quarter turned into a massacre with more than $1.63 billion lost, largely inflated by the giant attack against Bybit. This year, the amount is much lower, but the risk area remains intact.

In other words, DeFi is not without its problems. It just avoided a Bybit-sized shock in the first three months of 2026. This contrast can give the illusion of respite, while it is mainly a temporary image.

The real message is here. Even as losses subside, attacks continue fast, hard, and often at very common points: access, private keys, governance, human error. Crypto doesn’t just suffer from spectacular failures. It also suffers from poorly sealed details.

Crypto: Three attacks that marked the quarter

The biggest hit of the quarter hit Step Finance in January. The platform lost about $40 million after a compromise related to the management team’s devices and several cash wallets. This is not a simple technical incident. It’s a brutal reminder that operational security matters just as much as code.

The second major attack targeted Truebit on January 8. According to DefiLlam data, clever contract manipulation has allowed $26.4 million in Ether to be siphoned off. Here we are back to the classic DeFi scenario: poorly defended contract logic, then fast, clean, almost clinical execution.

The third important case involves Resolv Labs, which was targeted by a compromised private key on March 21st. Three attacks, three different angles, but the same result: money goes where the defense is uneven. This is what makes this neighborhood interesting. There was no single dominant attack model. A few cracks were exploited with discipline.

Why hackers attack when value accumulates

According to Nick Percoco, security leader at Kraken, criminal activity in cryptocurrencies follows market cycles and major events more than the calendar. When liquidity is concentrated, attackers come closer. When the sector accelerates, they test the seams.

This is why bullish phases, product launches or rapid growth spurts are so sensitive. The faster the value accumulates, the more pressure grows on the sometimes young infrastructure. In DeFi, speed is often sold as power. In certainty, it sometimes becomes a debt.

But the most important idea is elsewhere. Attacks don’t go away when the market slows down. It just changes the rhythm and the goal. All it takes is a complex protocol, a poorly designed access control, or a team that grows too fast to reopen the door.

The real vulnerability is not always in the crypto smart contract

The classic DeFi hack story is about code vulnerabilities. This quarter tells a different story. Between Step Finance, Resolv Labs, and even the giant attack targeting Drift Protocol in early April, the issue of private keys is returning to center stage. In the case of Drift, preliminary analysis mentions a compromise of admin keys that allowed most of the liquidity to be siphoned off.

This changes the risk reading. The threat does not only come from a poorly audited contract. It is also based on access control, equipment used, internal procedures and the human factor. Crypto likes to talk about decentralized infrastructure. However, attackers often look for a hidden centralization point.

The threat landscape remains broad and changing. Experts expect more credential theft, social engineering and AI-assisted attacks in 2026. Therefore, DeFi is not entering a quiet era. He enters a more challenging one.

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The views, thoughts and opinions expressed in this article are solely those of the author and should not be construed as investment advice. Before making any investment decision, do your own research.