Hacken CEO Calls Out Crypto Sector’s Security Complacency
The Hacken CEO argues the blockchain space is still deluding itself about its security posture, lacking the systemic vision needed to break free from its cycle of repeated breaches.
Not even a $1.4 billion breach was enough to shake the crypto world out of its complacency. In an interview with Cointelegraph, Hacken CEO Dyma Budorin criticized the industry’s reluctance to evolve its cybersecurity standards following the Bybit hack.
He emphasized that many projects continue to check the box with quick audits and bounty programs for white hackers, while ignoring the deeper need for systemic security infrastructure and regular technical due diligence.
Budorin warned that a troubling number of developers still cling to security myths, mistaking legacy beliefs for genuine protection, and leaving their systems vulnerable as a result.
To illustrate the gap, Budorin referenced conventional IT firms, which implement multi-layered controls and constant oversight to mitigate operational risk. In his view, blockchain companies should adopt comparable standards—regular smart contract audits and broader risk evaluations must become industry norms.
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With crypto threats growing more sophisticated, a handful of cybersecurity firms are ramping up innovation. Chainalysis recently launched a rapid-response feature that flags and blocks sanctioned Bitcoin addresses within hours—an upgrade from the slower, multi-day turnarounds of the past.
This is great because, previously, Chainalysis was blacklisting within three days when the funds were moving. And this is obviously nothing because hackers had enough time to launder, through exchanges, the stolen money,
Budorin expressed.
These upgrades, while helpful, still don’t level the playing field against experienced hackers. Blocking suspicious addresses quickly is only part of the solution—the real breakthrough will come when the industry embraces ongoing forensic monitoring and unified sanctioning strategies.
Fraud Stats: Crypto Exchange Hacks: The Methods Hackers Use and Self-Protection
The data backs Budorin’s warning. In April 2025 alone, PeckShield recorded 18 large-scale crypto hacks totaling almost $360 million in losses—a staggering 990% increase from the $33 million reported in March.
One attack stood out: a $330 million unauthorized Bitcoin transfer, drained from the wallet of an elderly American who was duped through social engineering. The case was brought to light by blockchain analyst ZachXBT.
Cybersecurity professionals caution that, without a comprehensive strategic shift, attacks will continue to rise—both in frequency and in damage dealt.
A sustainable response demands that crypto ventures implement continuous, multi-layered defense mechanisms, such as:
- supplier due diligence and third-party audits,
- enhanced internal security policies,
- and systematic engagement with global law enforcement partners.
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