Blockaid reports 212 crypto hack incidents in H1 2026, a record pace, with North Korea-linked actors responsible for the two largest single events: a $292 million exploit of KelpDAO and a $285 million exploit of Drift Protocol, together exceeding $577 million in losses attributable to DPRK groups. The scale and sophistication of these attacks indicate state-sponsored targeting of DeFi protocols and institutional-grade platforms.
For Armada's crypto repo desk, this environment directly tests the SOC 2 and no-rehypothecation policies underpinning client trust. If counterparties such as market makers or family offices have exposure to affected protocols, their collateral quality and liquidity may be impaired. Armada should confirm that the Fireblocks master services agreement addresses liability in state-actor exploit scenarios and verify that none of the deprecated or exploited protocols intersect with current collateral pools.