The majority of the thefts were driven by private key compromises and front-end exploits, which together accounted for more than 80% of stolen funds across 75 incidents. These highly targeted attacks very often involve social engineering and infrastructure vulnerabilities, and they have become much more more damaging, averaging nearly $30 million per breach. A $1.5 billion hack on Dubai-based exchange Bybit, linked to North Korean state actors, was the largest single incident and contributed to nearly 70% of total losses. Geopolitical tensions have also entered the crypto security space, with groups like the pro-Israel hacker collective Predatory Sparrow targeting Iranian exchanges. 

In the DeFi sector, Resupply lost $9.6 million in a…