TRM Labs said it has recorded 32 price manipulation attacks in 2026, already more than in any previous full year. The firm said the total compares with 12 such incidents across all of 2025. It also noted that these attacks now account for about one-eighth of hacking incidents, up from one-seventeenth in 2022.
According to TRM Labs, the common pattern is to push up the price of a low-liquidity token, use that inflated asset as collateral in a lending protocol, borrow other assets against it, and then let the collateral price collapse. The result can leave lending pools with bad debt after the attacker abandons the collateral.
DeFiLlama data cited in the report shows total value locked in crypto-collateralized lending protocols has risen about 56% over the past two years to nearly $50 billion, while active loans are close to $29 billion. The sector now includes more than 570 lending protocols. Recent cases mentioned include losses at Tectonic tied to a TONIC price spike, a Cronos incident that ended with the attacker obtaining about $6 million after a chain rollback, and an earlier Moonwell loss linked to manipulation of the MAMO oracle price.
Blockchain intelligence firm TRM Labs said it has recorded 32 price manipulation attacks in 2026, a figure that has already exceeded every previous full-year total. For comparison, there were 12 such attacks in all of 2025.
TRM Labs said these incidents now make up about one-eighth of hacking events, compared with one-seventeenth in 2022.
How the attacks typically work
According to TRM Labs, attackers usually start by driving up the price of a low-liquidity token. They then post that token as collateral in a lending protocol and borrow other assets against it. After that, the collateral price falls sharply, the attacker abandons the position, and the lending pool can be left with bad debt.
Lending market size has grown
Data from DeFiLlama shows that total value locked in crypto-collateralized lending protocols has increased about 56% over the past two years to nearly $50 billion. Active loans are close to $29 billion. The segment now includes more than 570 lending protocols.
Recent incidents cited
TRM Labs pointed to several recent cases. Tectonic lost more than $70 million after the price of TONIC was pushed higher. In the Cronos case, the attacker ultimately obtained about $6 million in assets after the chain was rolled back. Moonwell had earlier lost about $8.7 million after manipulation of the MAMO oracle price.
The item cited Bitcoin.com News as the source.
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