Is crypto’s security model cracking? April’s $600M in DeFi hacks tells us…

April’s surge of DeFi hacks — more than $600M across ~30 incidents — has shifted crypto risk from sporadic bugs to concentrated, systemic events (notably Kelp DAO $293M and Drift $285M). Year‑to‑date losses approach $770M after Q1’s $169M, highlighting how composability, code reuse and forked architectures spread vulnerabilities. Slow governance (low participation, top‑holder concentration) exacerbates crises and deters liquidity deployment, weakening market momentum despite rising institutional inflows. Bitcoin’s security picture is also under pressure: post‑halving subsidy is 3.125 BTC, hash price compressed to $28–36/PH/s/day in Q1, daily miner revenues near $35–42M while production costs are often $80k–$90k/BTC. Falling margins and miner exit/concentration raise attack risk by lowering hash rate and increasing centralization. Overall, the piece warns that security and governance fragility across DeFi and Bitcoin are damping confidence and could constrain capital flows and price resilience until protocol design and incentives are strengthened.