February was unusually quiet for crypto thieves. After months of eye-popping losses, the industry recorded just $26.5 million in hacking and scam-related revenue last month — the lowest monthly figure in 11 months, according to blockchain security firm PeckShield.
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It’s a stark contrast to the carnage seen in early 2025, when a single breach wiped out $1.5 billion from crypto exchange Bybit.
2 Attacks Deal More Damage
Of the 15 incidents recorded in February, two attacks were the main cause of the loss. The larger of the two hit YieldBlox, a DAO-owned DAO, on Feb. 21. Attackers used token values to withdraw 10 million dollars from the protocol.
On the same day, the IoTeX decentralized identity platform was also hit – about $9 million was taken from the private key exploit. Together, those two incidents alone accounted for more than 70% of the month’s total losses.
Compared to January, the decline is hard to ignore. Reports from PeckShield show that February’s total of $26.5 million represents a 69% decrease from the $86 million recorded just last month.
#PeckShieldAlert In February 2026, the crypto space saw 15 major hacks totaling $26.5M, representing a 98.2% YoY decrease compared to Feb. 2025 ($1.5B, including $1.4B # Below drain) and a significant 69.2% MoM drop from Jan. 2026 ($86.01M in losses).#Up5 Hacks :… pic.twitter.com/Svp7SZWp5w
— PeckShieldAlert (@PeckShieldAlert) March 1, 2026
Part of the explanation, according to a PeckShield spokesperson, is simply the absence of a title violation, a billion dollars. When no single attack dominates the numbers, the numbers look more manageable.
Market conditions also played a role. Bitcoin dipped below $70,000 in early February, which began a broader market correction that appears to shift the focus away from attacks on the protocol.
During times of turmoil, traders and institutions are busy managing losses and moving money. Reports suggest that that type of environment tends to stifle work rather than encourage it.
Crypto Security Standards Are Getting High
Development may not be entirely down to luck or timing. Analysts say tighter risk management, tighter vetting of partners, and better real-time monitoring across major platforms have all contributed to a safer environment.
Artificial intelligence is seen as a growing force in the fight against vulnerability. Automated code testing, anomaly detection tools, and pre-deployment attack simulations catch problems early — before they are exploited.
Experts say that if safety standards keep up with the level of innovation, losses may continue to decrease within a year.
Phishing Remains a Persistent Threat
Not everything is trending right. Phishing attacks – where criminals impersonate trusted contacts or platforms to steal login credentials and private keys – remain a serious and ongoing problem.
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Losses tied to phishing schemes fell significantly by 2025, falling from $494 million down to $83 million. But the threat is not over.
According to PeckShield, bad actors are increasingly turning their attention away from targeting code and targeting people. Tricking a user into granting access is often easier than breaking a well-tested smart contract.
The firm urged institutions and large owners to rely on multi-signal storage solutions and treat the private key as non-negotiable.
Featured image from Unsplash, chart from TradingView
