Concerns about code vulnerabilities are fading in the crypto space, but more sophisticated scam tactics are emerging as protocol security improves. Crypto hackers stole $3.3 billion in 2025, but the number of attacks fell sharply as losses became concentrated in fewer, more sophisticated supply-chain exploits, according to new data from blockchain security firm CertiK shared with Cointelegraph. While total losses remained elevated, the decline in incident counts and a drop in median theft sizes suggest that protocol-level security is improving, pushing attackers away from simple code vulnerabilities and toward phishing and infrastructure-level attacks. CertiK said supply-chain breaches emerged as the most damaging threat, accounting for $1.45 billion in losses across just two incidents, including the $1.4 billion Bybit hack in February. Read more
Ethena’s synthetic stablecoin USDe has seen its market cap cut almost in half since the Oct. 10 crash, as investors retreat from leveraged and synthetic collateral models. Ethena’s synthetic dollar USDe has shed about $8.3 billion in net outflows since the major liquidation event on Oct. 10, as confidence in leveraged and synthetic collateral structures continues to weaken. According to a report from 10x Research, the October sell-off marked a turning point for the crypto market, flipping the bull phase into a period of deleveraging. The crash erased an estimated $1.3 trillion in crypto market value, nearly 30% of total capitalization at the time. Ethena USDe (USDe), which relies on synthetic collateral and hedging mechanisms rather than traditional fiat reserves, faced a “sharp loss of confidence” under these conditions, the analysts wrote. Read more