ARK Invest digital-asset research head Lorenzo Valente said the crypto industry has lost approximately $26.9 billion to hacks since 2017, compared with roughly $47 billion in on-chain revenue over the same period. That works out to about $0.57 stolen for every $1 of on-chain revenue. Valente views security as a key constraint on the industry’s further development.
According to the report, a single Binance theft amounted to $6.36 billion—more than the industry’s on-chain revenue for 2026 up to the time of reporting. The comparison puts the reported losses in perspective, but on-chain revenue is not the same as revenue retained by protocols or value accruing to token holders. The brief report does not provide the underlying dataset or measurement methodology.
Original report: Odaily Planet Daily, published November 12, 2026, at 08:36 (UTC+8).