Analysis of this year's crypto security incidents reveals a shifting threat landscape, where the number of attacks has climbed to record levels even as the median loss from individual smart-contract exploits has shrunk. Rather than protocol code flaws, the largest financial damage stems from a small number of infrastructure compromises, such as attacks targeting keys, servers, and operational systems that underpin platforms. This pattern suggests that while smart-contract auditing and defensive tooling have reduced the severity of many on-chain exploits, weaker points in the broader technical stack now account for the bulk of stolen funds. The findings point to a maturing but still vulnerable industry, where attackers increasingly favor high-value infrastructure targets over routine contract bugs. Security teams may need to rebalance priorities toward safeguarding operational and infrastructure layers to address the most consequential risks.
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