- April saw a record number of crypto hacks.
- Single points of failure are a growing concern.
- Code bugs were the cause of the vast majority of incidents.
April was a bad time for the crypto industry.
Over the past month, 29 crypto projects have suffered hacks or exploits, the highest monthly tally in the industry’s history, per DefiLlama data.
Among them were two standouts: The hacks of Solana-based exchange Drift, and Ethereum-based restaking app Kelp DAO, which resulted in a combined $579 million loss.
The situation has sparked a crisis of confidence among the industry’s most ardent believers and left them questioning whether the tradeoffs inherent in decentralised technology are worth the trouble.
In recent years, the number of crypto…
