April was the worst month on record for crypto projects getting hacked, with 29 incidents tracked by crypto data provider DefiLlama. In terms of dollar value, $651 million in losses were recorded, which is the largest monthly total since March 2022 (excluding the February 2025 Bybit hack), according to crypto security firm Certik. In response to these most recent incidents, many crypto market observers are questioning whether blockchain infrastructure can be relied upon by traditional financial institutions. Additionally, the centrally-planned responses to many of these hacks have also exposed the decentralization theater that is prevalent throughout the industry.

Drift and Kelp DAO were the two most notable crypto…