In the first quarter of 2025, crypto hacks resulted in losses exceeding 1.6 billion, marking the worst quarter for security breaches in the crypto industry, as reported by Immunefi, indicating increasing vulnerabilities in the sector.
The scale of losses in Q1 2025 was more than double that of the same period in 2024, when hackers stole $706 million, according to data from PeckShield. This sharp increase underscores the escalating sophistication of cybercriminals and the challenges in securing digital assets.
#PeckShieldAlert Q1 2025 witnessed 60+ crypto hacks, resulting in total losses of $1.63B, a YoY increase of 131% compared to $706M in Q1 2024.
March 2025 recorded 20 crypto hacks, resulting in $33.46M in losses, including a $5M hack affecting #1inch, which was 90% recovered.… pic.twitter.com/Pg3fHpUvUp
— PeckShieldAlert (@PeckShieldAlert) April 1, 2025
A significant portion of these losses came from two major incidents: a staggering $1.46 billion exploit at Bybit and a $69.1 million attack on Phemex. Immunefi analysts emphasized that these two breaches alone accounted for $1.52 billion, making up 94% of all losses recorded in the quarter.
Reflecting on these massive attacks, Immunefi noted:
“The sheer scale of the Bybit and Phemex attacks, totaling $1.5 billion, shows how state-backed actors are arguably the most pressing threat to our industry. Their success in breaching renowned, battle-tested platforms is a reminder of the need for security measures that protect the entire stack and help projects prevent catastrophic attacks before they happen.”
Centralized exchanges suffered the heaviest blow, accounting for 94% of total losses, while decentralized finance (DeFi) protocols comprised just 6%. Among blockchain networks, Binance’s BNB Chain (formerly Binance Smart Chain) emerged as the most targeted, with 19 separate exploits, followed by Ethereum, which suffered 15 attacks.
In March, 20 hacking incidents caused losses of $33.46 million. Notable attacks included a $13 million exploit at Abracadabra.money and an $8.32 million breach at Zoth, highlighting ongoing threats to crypto platforms.
However, at the end of 2024, hacking activity was temporarily declining. In December, more than 25 cryptocurrency hacks were reported, leading to a total loss of $24.69 million. Notably, this represented a significant drop of over 70% compared to November’s losses, as highlighted in an X post by blockchain security firm PeckShield.
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