The European Securities and Markets Authority (Esma) is advocating for mandatory external cybersecurity audits for crypto companies in response to significant security breaches. Over the past six months, the industry has seen $1.5 billion stolen due to security failures. The push for tougher cyber defenses aims to protect investors and prevent incidents similar to the FTX and Binance meltdowns. This initiative is part of the EU's broader efforts to enhance consumer protection and stabilize the crypto market. Despite a decline in hacks, there was a spike in losses, hitting $750 million.