After entering the second half of 2025, security incidents in the cryptocurrency sector have become frequent, raising alarms across the entire market. The latest attack on the Balancer protocol has once again revealed the severe consequences of logical flaws in smart contracts. At the same time, state-sponsored hacker organizations have launched attacks on blockchain infrastructure through more covert methods. Overall, the diversification and complexity of security threats have become an important dimension that cannot be ignored in the crypto market.

Let’s first look at one of the most notable recent attacks: Balancer, an influential automated market maker (AMM) protocol in the Ethereum ecosystem, was hacked in early November. The attackers precisely exploited the interaction vulnerabilities between its smart contract treasury and liquidity pools, causing multiple pools to be rapidly drained. Exchange analysis pointed out that this attack stemmed from flaws in authorization verification and callback mechanisms, allowing the attackers to bypass existing security controls. Such issues are not new, but they serve as a reminder to the industry: even seemingly mature protocols cannot completely avoid complex logical vulnerabilities.

In parallel, hacker organizations with state backing are also active in the crypto industry, beyond traditional exchanges or protocols. A recent research report indicated that North Korean-supported hacker groups have embedded malware directly into smart contracts. This "contract as a vessel" attack method is alarming: the attack path is neither within the exchange system nor on user devices, but on the blockchain itself. The research states that these attacks leverage the immutable nature of contracts, making them difficult to remove once deployed, thus providing attackers with long-term hiding space. Consequently, the security of user assets depends not only on platform defenses but also on the rigor of the contract development and deployment processes.

Meanwhile, the total amount stolen in the crypto market continues to rise. According to relevant security reports, the theft amount in just the first half of 2025 has already exceeded $20 billion, and the number of attack incidents is also increasing. This has not only alerted retail and institutional investors but has also prompted regulatory bodies to accelerate their involvement. In fact, the frequency of security incidents has become one of the focal points of regulatory attention, with relevant agencies pushing for more exchanges to implement audits, enhance fund custody security, and introduce insurance mechanisms.

From a market behavior perspective, these security incidents have also impacted cryptocurrency prices in the short term. Once a major theft incident is exposed, market confidence is tested, and asset prices may experience sudden declines. However, in the medium term, this security panic may also contain structural opportunities. For institutions with deep layouts, the exposure of security vulnerabilities may prompt the entire industry to raise security standards, thereby promoting the development of compliance, auditing, and security products. In this process, platforms or projects that adapt to security governance and risk management earlier may gain relative advantages.

In terms of response strategies, market participants need to focus on the following dimensions: First, when selecting a platform, it is essential to consider its security history, audit reports, and fund custody structure; second, for the protocols or projects being invested in, attention should be paid to the public auditing of contract code, vulnerability disclosure records, and the team's response speed to security incidents; third, users themselves should also enhance their security awareness, avoiding keeping all assets on a single platform or contract address for extended periods, and being wary of the potential risks behind "high yield" temptations.

Overall, the frequent occurrence of crypto security incidents does not mean that the market is about to collapse, but it does indeed show all market participants that behind technological innovation and financial openness, the asset security defense line remains an indispensable cornerstone. Looking back from the end of 2025, this may be a turning point for the crypto industry from "barbaric growth" to "mature governance." In the future, those who can take the lead in security governance, compliance mechanisms, and risk management may seize the initiative in the next round of cryptocurrency asset expansion.

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Original: “Focusing on the Crypto Security Crisis: Digital Asset Defenses Ripped Apart Again”

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