Analysis: The year with the heaviest losses in the field of encryption due to hacker attacks, but the problem lies in "people" rather than smart contracts According to CoinDesk, although 2025 has become the year with the most severe hacker attack losses on record in the cryptocurrency industry, most of the losses are due to Web2 style operational errors such as password leaks and social engineering, rather than on chain code vulnerabilities. Immunefi CEO Mitchell Amador pointed out that on chain security is significantly improving, with the main attack surface shifting towards the weak link of "people". He believes that as code becomes increasingly difficult to exploit, on chain security will have its best year in 2026, but this also means that attackers will turn to more complex social engineering and AI assisted fraud. Chainalysis' annual report also confirms this trend, with data showing that approximately $17 billion in cryptocurrency will be lost due to fraud and deception in 2025, with impersonation fraud increasing by 1400% year-on-year, while AI driven fraud profits are 450% higher than traditional methods. Amador also warns that over 90% of projects still have critical exploitable vulnerabilities, and the adoption rate of industry protection tools is extremely low: less than 1% of industry participants use firewalls, and less than 10% use AI detection tools. He stated that AI will simultaneously change the pace of both offense and defense in 2026, and the rise of on chain AI agents will bring a new attack surface. How to properly protect these autonomous decision-making systems will become the main security challenge of the next cycle.