Security experts warned that most hacked projects never fully recover after major attacks.
Truebit suffered a roughly $26 million exploit on Thursday, Jan. 8, marking the first major crypto hack of 2026, as experts warn that projects hit by major breaches often never fully recover their value.
Blockchain security firms CertiK and PeckShield confirmed the attacker drained about 8,500 Ether (ETH), worth roughly $26.4 million, from a smart contract linked to the blockchain verification protocol. PeckShield said the stolen funds were sent to two wallet addresses and linked the same attacker to a smaller exploit involving Sparkle about 12 days earlier.
Truebit’s TRU token collapsed following the breach, falling 100% in 24 hours, according to CoinGecko. The token’s plunge wiped out almost all of its market value as CoinGecko flagged the project with an exploit warning.
The incident adds to a growing list of crypto losses. Data from portfolio tracker defi shows the industry has lost over $90 billion to hacks and scams so far, with less than $7 billion recovered. Over $9 billion was lost this year alone, according to the platform.
The Truebit hack underscores how quickly trust and value can disappear after a security failure. Moreover, beyond the immediate loss, hacks often cause lasting damage as users leave, liquidity dries up, and confidence breaks, experts say.
“Nearly 80% of hacked projects never really recover their full value after an exploit,” said Mitchell Amador, CEO of Immunefi, in comments shared with The Defiant. “That’s where the real damage happens. Long after headlines fade, projects are left contending with devaluation that stings worse than the initial loss.”
The breach comes after PeckShield reported that exploits fell by 60% in December 2025 compared with November 2025 – even as roughly 26 major crypto exploits were recorded during the month. Toward the end of last month, during the holidays, Trust Wallet confirmed about $7 million in customer funds had been stolen in an exploited browser extension update.
2025 hack losses were dominated by the exploit of top centralized exchange Bybit at the beginning of the year, which resulted in $1.5 billion in ETH being stolen — the largest single hack in crypto history.
