Crypto Hacks Surge to $1.6 Billion in Q1 2025, Driven by Bybit Exploit ⋅ Crypto World Echo
Hackers stole more than $1.63 billion in cryptocurrency inthe first quarter of 2025, according to blockchain security firm PeckShield.The Bybit exploit accounted for over 92% of total losses.
PeckShield reported that hackers stole $87 million inJanuary. Losses surged to $1.53 billion in February, mainlydue to the Bybit attack. The incident was one of the largest crypto theftsrecorded.
Crypto Hacks Jump 131% Year Over Year
Other February hacks resulted in $126 million in losses.These included a $50 million exploit targeting Infini, a $9.5 million hack onzkLend, and an $8.5 million loss from Ionic.
March saw a sharp decline in crypto-related hacks.PeckShield reported $33 million in stolen assets, a 97% drop from February.Some funds were recovered, partially offsetting losses.
🚨ALERT🚨Our system has detected abnormal activity, including suspicious behavior involving the @Bybit_Official wallet!Several wallets are exhibiting highly suspicious patterns, and we are actively reaching out to the exchange to warn them. The total affected assets are… pic.twitter.com/iAQqlgU4Rf
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) February 21, 2025
The report highlighted a 131% year-over-year rise in cryptohacks. Losses in Q1 2024 totaled $706 million. The first quarter of 2025 sawmore than 60 incidents.
The largest hack in March involved decentralized financeprotocol Abracadabra.Money. On March 25, an attacker drained 6,260 Ether, worth$13 million, from the protocol.
March Hacks See Partial Fund Recovery
Another significant hack targeted real-world asset (RWA)restaking protocol Zoth. On March 21, security firm Cyvers flagged a suspicioustransaction in which an attacker withdrew $8.4 million. The funds wereconverted into stablecoins and moved to another wallet.
Despite the losses, some stolen funds were returned. OnMarch 7, a hacker who stole $5 million from decentralized exchange 1inchreturned 90% of the assets. The DEX offered a 10% bounty of $500,000 inexchange for the remaining funds. The attacker accepted and returned $4.5million.
This article was written by Tareq Sikder at www.financemagnates.com.
