Hacken report: Web3 platforms lost $482 million to hacks Q1 2026
Web3 platforms took over $482 million hit from hacks and scams in the first quarter of 2026, according to security firm Hacken.
Most of the damage came from phishing and social engineering attacks ($306 million lost there), with a single hardware wallet scam in January making up $282 million of that total.
Smart contract vulnerability losses jump 213%
Even though these numbers sound huge, losses actually dropped compared to last year's Bybit phishing disaster ($1.46 billion).
But there's a catch: smart contract vulnerability losses shot up by 213%, and access control failures cost another $71.9 million, including an incident where Resolv Labs's compromised keys led to millions in fake tokens.
Hacken's CEO Yev Broshevan says it's time for Web3 platforms to treat security as an ongoing priority, not just a one-off fix.