Alarming Crypto Security: Hacken CEO Warns as April Losses Skyrocket to $357M
The cryptocurrency space continues to face relentless threats from malicious actors. Despite massive financial damage from recent incidents, a leading expert warns that the industry’s approach to proactive crypto security remains largely unchanged. This comes after April crypto losses surged dramatically due to various crypto hacks.
Why Haven’t Crypto Security Measures Improved?
According to Dyma Budorin, the Hacken CEO, the fundamental way crypto companies handle cybersecurity hasn’t evolved significantly. Speaking at the Token2049 event, Budorin highlighted a persistent over-reliance on basic security checks like penetration tests and bug bounties.
“Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough,” Budorin stated. He argues that this limited perspective leaves projects vulnerable to sophisticated attacks.
Beyond Basics: The Need for Layered Blockchain Security
Traditional tech industries have long adopted multi-layered security frameworks. Budorin emphasizes that the crypto industry, dealing with significant financial value, must follow suit. Comprehensive blockchain security requires more than just code audits. It involves:
- Supply-chain security: Ensuring the integrity of all third-party tools and services used.
- Operational security: Protecting internal processes and human elements from exploits.
- Blockchain-specific security assessments: Deep dives into smart contract logic, consensus mechanisms, and protocol design beyond simple pentests.
These layered approaches are standard practice in large Web2 companies, yet often neglected in the fast-moving crypto world.
Staggering April Crypto Losses Highlight the Problem
The scale of recent crypto hacks underscores the urgency for improved security. April 2025 saw nearly $360 million in digital assets stolen across 18 incidents, according to blockchain security firm PeckShield. This represents a shocking 990% increase compared to March’s losses of roughly $33 million.
The most significant event contributing to the high April crypto losses was a single $330 million Bitcoin theft. Blockchain investigator ZachXBT later confirmed this was a social engineering attack targeting an individual, illustrating that vulnerabilities aren’t limited to complex code but also exploit human factors.
Is There Any Improvement? A Look at Post-Hack Response
While proactive security hasn’t seen a major shift, Budorin noted a slight improvement in how the industry responds *after* a hack occurs. He pointed to Chainalysis introducing near real-time blacklisting of stolen funds as a positive step.
Previously, blacklisting could take up to three days, giving hackers ample time to launder funds through various exchanges. Faster blacklisting makes it harder for criminals to cash out stolen assets, potentially deterring future large-scale crypto hacks.
However, this post-hack measure doesn’t prevent the initial breach. As Budorin reiterates, “But in terms of the practice, cybersecurity, nothing changed.”
Conclusion: A Critical Juncture for Crypto Security
The stark figures from the April crypto losses serve as a harsh reminder of the persistent threats in the digital asset space. The message from the Hacken CEO is clear: the industry must move beyond superficial security measures and embrace comprehensive, layered strategies akin to traditional finance and tech sectors. While faster response to crypto hacks is a welcome development, true progress requires a fundamental shift in prioritizing proactive blockchain security to protect users and assets from future devastating events.
