Cryptocurrency hacks surged in February 2025, with losses reaching $1.53 billion—an 18-fold increase from the same period last year. According to a report from security firm Immunefi, the total losses for the year now stand at approximately $1.6 billion, already exceeding the entire amount recorded in 2024.
The report revealed February’s losses skyrocketed nearly 20 times from January’s $73.9 million, underscoring the increasing severity of security breaches. Centralized finance platforms bore the brunt, accounting for 95.5% of total losses due to a single large-scale attack, while DeFi protocols experienced just eight incidents, contributing 4.5% of the total.
BNB Chain and Ethereum were the most targeted blockchains in February, each experiencing four attacks and collectively accounting for 72.8% of total losses. Other affected networks included Abstract, Mode, and Optimism, which each suffered a single attack.
Hacks remained the leading cause of crypto losses, far outpacing fraud, according to the report. Notably, two major incidents, a $1.46 billion exploit on Bybit and a $49.5 million hack on stablecoin bank Infini, accounted for more than 90% of the amount lost. Seven smaller attacks accounted for the remainder, with zkLend and Ionic Money losing $9.5 million and $8.6 million, respectively.
As DeFi Planet reported earlier, the Bybit attacker has already laundered over 266,300 ETH—worth approximately $614 million—in just five days, averaging 48,420 ETH per day. If this pace continues, the remaining 233,086 ETH could be fully laundered within another five days.
This sharp rise in crypto-related losses marks a stark contrast to December 2024, when over 25 hacks resulted in just $24.69 million in damages, reflecting a 70% decline from November, according to PeckShield. The largest incident that month was LastPass, which lost $12.38 million, while Yeti Finance, GemPad, and FEG each suffered $2.2 million in losses. December’s losses were among the lowest recorded in 2024, a year that saw its peak in April when losses reached a staggering $574.65 million.
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