Hacken CEO Alerts Crypto Industry Is Ignoring Security Lessons
Despite a recent batch of multi-million-dollar hacks, crypto firms aren’t revising their cybersecurity efforts, Hacken CEO Dyma Budorin has told Token2049 in Dubai. Speaking to Token2049, Budorin warned that the industry remains wilfully over-reliant on low-security strategies, as danger sophistication rises.
$357 Million Lost in April Hacks
April 2025 was arguably the worst month in the history of crypto hacking, with blockchain security firm PeckShield confirming nearly $360 million in losses through 18 attacks. That represents a 990% increase from March’s $33 million value. The majority of that came from one—a $330 million Bitcoin theft conducted via a social engineering hack on a decrepit U.S. citizen.
Limited Measures, Big Risks
Budorin lambasted the industry’s overdependence on simple defensive measures such as penetration tests and bug bounties, terming them “not enough.”
“Most of the projects think, ‘Okay, we did pentests. That’s enough. Maybe bug bounty. That’s enough.’ It’s not enough,” Budorin explained to Cointelegraph.
He called on companies to adhere to conventional industry practices by putting in place layered security, such as supply chain defenses, operational procedures, and blockchain-specific risk audits.
Slight Progress in Post-Hack Responses
While basic cybersecurity processes have not really changed, incrementally there were improvements in reaction to hacks after they occurred. One such illustration is real-time blacklisting that Chainalysis adopted recently to designate stolen funds within minutes instead of days.
“This is great… Chainalysis was blacklisting three days ago… hackers had sufficient time to launder the money,” he said.
Bybit Hack Exposes Systemic Weakness
The comments come after the biggest ever crypto hack: a $1.4 billion Bybit hack through a safe wallet vulnerability. The hackers were able to launder the funds in just 10 days.
Industry Need to Take Proactive Security Seriously
Even amidst increasingly advanced attacks, most crypto firms still undervalue cybersecurity expenditures. Budorin’s message is clear: incremental fixes cannot respond to systemic risk. Without forward-looking, multi-layered defense strategies in place, the industry remains an open invitation for next-gen billion-dollar breaches.
