Crypto market lost $0.57 to hacks for every $1 earned, Ark Invest researcher says

Crypto firms have lost about $26.9 billion to hacks since 2017, equal to roughly $0.57 stolen for every $1 in the industry’s approximately $47 billion in total onchain revenue over the same period, according to Lorenzo Valente, head of digital asset research at Ark Invest. Valente added that Binance alone accounted for as much as $6.36 billion in hacking losses, exceeding the crypto industry’s total onchain revenue this year. He said security issues remain a key obstacle to the industry’s growth.