@LorenzoARK: Crypto hacks cost ~24 bps of market cap yearly, 14x US bank fraud

Who pays for crypto hacks? Everyone forgets hacks are an invisible tax on transacting and storing value in crypto. Like shoplifting, the cost gets priced in and users pay for it. Every hack makes crypto less competitive as a network. Since 2018, crypto has lost an average of 24 bps of market cap per year to hacks. The US banking system loses 1.7 bps of deposits to fraud. That’s a 14x gap