The cryptocurrency industry has suffered a staggering $19 billion in losses due to hacks and exploits over the past 13 years, according to a recent report by Crystal Intelligence. This staggering figure highlights the urgent need for improved security measures in the digital asset space. With 785 reported incidents and the largest single crypto theft totaling $2.9 billion, it's clear that the industry's security problem is only growing more pressing.

In addition to these alarming statistics, the Solana Foundation has taken action against validators involved in sandwich attacks on traders, and Terraform Labs has shut down operations entirely, handing over control to the Terra community after a $4.47 billion settlement with the United States Securities and Exchange Commission (SEC).

As the industry continues to evolve, it's essential to acknowledge the significant losses that have occurred and work towards implementing more robust security measures to protect digital assets. By understanding the scope of this issue, we can begin to build a safer, more secure future for cryptocurrency and decentralized finance (DeFi).