Crypto hack counts just set a record. The warning in TRM Labs’ latest data is where the money is actually being lost.

In its H1 2026 crypto hack review, TRM Labs said attackers carried out 207 separate hacks in the first half of the year, the most the firm has recorded in any six-month period.

Yet total losses fell to $972 million, less than half the $2.3 billion stolen during the first half of 2025.

That split changes the security story. More protocols, tokens, and decentralized applications are being hit, but the losses that still define the year are concentrated in operational systems: keys, custody, signing infrastructure, approval flows, and other controls around the code rather than the code alone.

For DeFi teams, smart-contract…