April 2026 Sees Worst Crypto Hacks Since Feb 2025, DeFi Suffers $606M Loss

The cryptocurrency landscape is reeling from a dramatic surge in hacks during April 2026, marking it as the worst month for exploits since February 2025. Over $606 million has been lost in just the first 18 days of the month, a figure that dwarfs the combined losses of the preceding three months. This alarming trend is largely attributed to two colossal attacks on KelpDAO and Drift Protocol, which together account for a staggering 95% of April's losses and 75% of the year's total.

The scale of these April exploits is unprecedented, with the $606.2 million lost across 12 incidents already eclipsing the $165.5 million total from January, February, and March combined. This represents a roughly 3.7x increase compared to the first quarter. Notably, these losses have occurred without a single, massive exchange hack of the magnitude seen in February 2025, indicating a clear pivot by attackers towards exploiting vulnerabilities within Decentralized Finance (DeFi) infrastructure.

For P2P trading merchants operating on platforms like Binance P2P and Bybit P2P, this heightened risk in the DeFi space carries significant implications. While direct hacks on P2P platforms are rare, a widespread loss of confidence in DeFi protocols can lead to increased volatility in stablecoin prices. Merchants who rely on stablecoins like USDT for their spreads and order volume may experience wider bid-ask spreads as market participants become more risk-averse, potentially impacting their profitability. Furthermore, a general downturn in crypto market sentiment driven by these hacks could reduce overall trading volume.

The total value locked (TVL) in DeFi has already seen a notable decline, with Aave alone experiencing a significant drop. This erosion of trust and capital within DeFi ecosystems can create ripple effects across the broader crypto market, including the stablecoin market that underpins much of P2P trading. The sharp increase in hack frequency, up approximately 68% year-over-year for the first 4.5 months of 2026, underscores the growing sophistication of attackers targeting DeFi infrastructure.

As the month progresses, the focus will be on whether DeFi protocols can bolster their security measures to mitigate further losses and restore investor confidence. The ability of the DeFi sector to address these systemic risks will be crucial in determining the stability of stablecoins and, consequently, the trading environment for P2P merchants in the coming weeks and months.