Increased hacks in DeFi highlight the need for improved security measures in crypto industry

From Cointelegraph
July 1, 2025 11:00 am:

In February, the Bybit breach set a record for the biggest hack in crypto history, with over $1.4 billion stolen by North Korean cybercriminals. Now, TRM Labs reports that $2.1 billion worth of crypto has been lost to attacks in the first half of 2025, highlighting the need for increased security measures in the industry.

Centralized exchanges (CEXs) must make changes to prevent future hacks, including implementing solutions like “intelligent co-signers” and multi-party computation. Recent hacks have shown that interfaces were manipulated, resulting in significant losses and highlighting the need for enhanced security measures.

DeFi protocols also need to ramp up efforts to prevent hackers from exploiting their infrastructure. By improving risk intelligence, transaction monitoring, and wallet screening, DeFi platforms can better protect against illicit activities and ensure the security of their users’ funds.

Self-regulation is crucial for the future of the crypto industry, with responsible DeFi developers needing to create sound governance and security models to combat hacking attempts. Without proper regulation, the industry risks losing consumer confidence and facing potential restrictions from regulators.

To ensure the long-term success of DeFi, a balance between freedom and responsibility is necessary. Implementing protocol-level guardrails and shared standards can help reduce systemic threats without compromising decentralization, ultimately leading to a more secure and trustworthy ecosystem for all users.

Read more at Cointelegraph: Crypto hacks are a wake-up call for DeFi.