DeFi: 169 million dollars stolen in Q1 2026 despite the decline in losses

DeFi did not have its most explosive quarter, but it remains an open target. In the first quarter of 2026, hackers stole approximately 168.6 to 169 million dollars from 34 DeFi protocols. The figure is significantly lower than in the first quarter of 2025, but it reminds us of one simple thing: in crypto, a lull never means security.

A decreased total, but not a real relief

The damage appears to slow down, but not in its logic. Last year, the first quarter turned into carnage with over 1.63 billion dollars lost, largely inflated by the giant attack against Bybit. This year, the amount is much lower, but the risk surface remains intact.

In other words, DeFi is not out of trouble. It just avoided, in the first three months of 2026, a shock of Bybit’s magnitude. This contrast can give an illusion of respite, while it is mainly a temporary snapshot.

The real message is here. Even when losses decrease, attacks continue to strike fast, hard, and often on very ordinary points: access, private keys, governance, human errors. Crypto does not only suffer from spectacular bugs. It also suffers from poorly sealed details.

Crypto: The three attacks that marked the quarter

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

The second major attack targeted Truebit on January 8. According to DefiLlama data, a smart contract manipulation allowed siphoning off 26.4 million dollars in ether. Here, we return to the classic DeFi scenario: a poorly defended contract logic, then a quick, clean, almost clinical execution.

The third important case concerns Resolv Labs, targeted on March 21 by a private key compromise. Three attacks, three different angles, but the same result: the money goes where the defense becomes uneven. That is what makes this quarter interesting. There was not a single dominant attack model. Several cracks were exploited with discipline.

Why hackers strike when value accumulates

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

This is why bullish phases, product launches, or rapid growth spurts are so sensitive. The faster value piles up, the more pressure builds on sometimes young infrastructures. In DeFi, speed is often sold as a strength. In security, it sometimes becomes a debt.

But the most important idea is elsewhere. Attacks do not disappear when the market slows down. They just change rhythm and target. A complex protocol, a poorly designed access control, or a team that grows too fast is enough to reopen the door.

The real vulnerability is not always in the crypto smart contract

The classic DeFi hack story talks about a code vulnerability. This quarter tells another story. Between Step Finance, Resolv Labs, and even the giant attack targeting Drift Protocol in early April, the issue of private keys returns to the center. In the case of Drift, preliminary analyses mention a compromise of admin keys that allowed draining most of the liquidity.

This changes the reading of risk. The threat does not only come from a poorly audited contract. It also comes from access management, the devices used, internal procedures, and the human factor. Crypto likes to talk about decentralized infrastructure. Attackers, however, often look for the hidden centralization point.

The threat landscape remains broad and fluid. Experts anticipate more credential thefts, social engineering, and AI-assisted attacks in 2026. DeFi is therefore not entering a calmer era. It is entering a more demanding one.