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Crypto hacks have caused approximately $26.9 billion in losses since 2017, equivalent to 57 cents for every $1 of the industry's roughly $47 billion in cumulative on-chain revenue, according to ARK Invest's Lorenzo Valente.
Valente, the firm's director of digital asset research, said the $6.36 billion Binance hack alone exceeded the industry's total on-chain revenue so far in 2026.
Why it matters
The comparison puts the scale of security losses alongside revenue generated on-chain over the same period. Valente warned that vulnerabilities have become a major bottleneck to the industry's growth.
Market impact
The figures highlight a security burden for an industry seeking wider adoption. They compare aggregate hack losses with on-chain revenue, rather than measuring the losses of a single company or network.
Frequently asked questions
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How do crypto hack losses compare with on-chain revenue since 2017?
ARK Invest's Lorenzo Valente estimates approximately $26.9 billion in hack losses against roughly $47 billion in cumulative on-chain revenue, equivalent to 57 cents in losses per $1 of revenue.
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Who provided the estimates of crypto hack losses and revenue?
Lorenzo Valente, director of digital asset research at ARK Invest, provided the estimates.
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How does the Binance hack compare with 2026 on-chain revenue?
Valente said the $6.36 billion Binance hack alone exceeded the crypto industry's total on-chain revenue so far in 2026.
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What does Valente see as a bottleneck to crypto industry growth?
Valente warned that security vulnerabilities have become a major bottleneck to the industry's growth.
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Do the loss and revenue figures describe a single company?
No. The comparison covers aggregate crypto hack losses and industry on-chain revenue since 2017.
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