Dragonfly Partner Haseeb Qureshi Says the Crypto Industry Is the First to Experience a Wave of Hacking Attacks
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AT A GLANCE
Haseeb Qureshi said the number of on-chain hacking incidents has risen sharply, while the annualized value stolen is roughly comparable to 2025; losses per incident have declined.
Article
Dragonfly Partner Haseeb: A “COVID-like pandemic” wave of attacks is emerging in cybersecurity, with the crypto industry bearing the brunt
PANews October 22 reported that Dragonfly Managing Partner Haseeb Qureshi wrote that a “COVID-like pandemic” wave of attacks is emerging in cybersecurity. He believes on-chain hacking incidents are the “canary in the coal mine” for cybersecurity, because on-chain environments are where cyberattacks are easiest to monetize. Citing DefiLlama Research data, he said the number of on-chain hacking incidents has risen sharply, while the annualized value stolen is roughly comparable to 2025; losses per incident have declined. He said most small protocols have already been compromised, while large protocols are strengthening their defenses with AI tools. He expects a similar situation to emerge across the broader internet.
PANews reported on October 22 Haseeb Qureshi’s assessment of cybersecurity attack trends.
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Haseeb Qureshi said that a “COVID-like pandemic” wave of attacks is emerging in cybersecurity.
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He believes on-chain hacking incidents are the “canary in the coal mine” for cybersecurity, because on-chain environments are where cyberattacks are easiest to monetize.
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Citing DefiLlama Research data, he said the number of on-chain hacking incidents has risen sharply.
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He said the annualized value stolen is roughly comparable to 2025; losses per incident have declined.
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He said most small protocols have already been compromised, while large protocols are strengthening their defenses with AI tools.
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He expects a similar situation to emerge across the broader internet.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This content does not report on any specific attack; rather, it relays Haseeb Qureshi’s assessment of the overall trend: on-chain attacks are becoming more frequent, but the annualized total amount stolen that he cited has not risen significantly in tandem, resulting in lower average losses per incident. He also believes the security conditions of small and large protocols are diverging.
Why it matters to readers
If the number of attacks does indeed continue to rise, on-chain protocols will face more frequent security risks. The original text specifically noted that most small protocols have already been compromised, and said that large protocols are strengthening their defenses with AI tools.
Beginners should view this as a risk warning from an industry participant, rather than independently verified security statistics. Before using an on-chain protocol, users should pay attention to its security measures and whether it has recently been attacked.
Risks and unknowns
The report does not provide the full content of Haseeb Qureshi’s original post.
The report does not provide the specific figures, statistical scope, or calculation methodology for the DefiLlama Research data.
The claim that “most small protocols have already been compromised” and that large protocols are using AI to strengthen their defenses lacks support from specific projects and data.
The prediction that a similar situation will emerge across the broader internet remains unconfirmed.
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The original text does not specify the reporting year, stating only “October 22”。
Related concepts
Onchain
Refers to transactions and activities recorded directly on the blockchain, validated by network participants, and confirmed once written to the chain.
