Web3 hacks cost $464M in Q1 as phishing drives majority of losses: Hacken

Hacken’s Q1 2026 report finds $464.5 million lost across 43 incidents, with phishing, legacy code bugs and key compromises driving losses as regulators tighten security demands.

Web3 projects lost $464.5 million to hacks and scams in the first quarter of 2026, while multi-billion-dollar “mega hacks” gave way to a larger number of mid-sized incidents, according to blockchain security company Hacken.

According to Hacken’s Q1 2026 report, phishing and social engineering attacks dominated the period, accounting for $306 million in losses in a quarter that saw 43 incidents overall. A single $282 million hardware wallet scam in January was responsible for 81% of the quarter’s damage.

Smart contract exploits totaled $86.2 million, with access control failures, including compromised keys and cloud services, driving an additional $71.9 million in losses.

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