Crypto Hacks Surge to $1.6 Billion in Q1 2025, Driven | Crypto Work Pro
Hackers stole more than $1.63 billion in cryptocurrency in
the primary quarter of 2025, in accordance to blockchain security firm PeckShield.
The Bybit exploit accounted for over 92% of whole losses.
PeckShield reported that hackers stole $87 million in
January. Losses surged to $1.53 billion in February, primarily
due to the Bybit assault. The incident was one of the most important crypto thefts
recorded.
Crypto Hacks Jump 131% Year Over Year
Other February hacks resulted in $126 million in losses.
These included a $50 million exploit concentrating on Infini, a $9.5 million hack on
zkLend, and an $8.5 million loss from Ionic.
March noticed a sharp decline in crypto-related hacks.
PeckShield reported $33 million in stolen property, a 97% drop from February.
Some funds have been recovered, partially offsetting losses.
🚨ALERT🚨Our system has detected irregular exercise, together with suspicious habits involving the @Bybit_Official wallet!Several wallets are exhibiting extremely suspicious patterns, and we’re actively reaching out to the exchange to warn them. The whole affected property are… pic.twitter.com/iAQqlgU4Rf
— 🚨 Cyvers Alerts 🚨 (@CyversAlerts) February 21, 2025
The report highlighted a 131% year-over-year rise in crypto
hacks. Losses in Q1 2024 totaled $706 million. The first quarter of 2025 noticed
more than 60 incidents.
The largest hack in March concerned decentralized finance
protocol Abracadabra.Money. On March 25, an attacker drained 6,260 Ether, value
$13 million, from the protocol.
March Hacks See Partial Fund Recovery
Another important hack focused real-world asset (RWA)
restaking protocol Zoth. On March 21, security firm Cyvers flagged a suspicious
transaction in which an attacker withdrew $8.4 million. The funds have been
transformed into stablecoins and moved to one other wallet.
Despite the losses, some stolen funds have been returned. On
March 7, a hacker who stole $5 million from decentralized exchange 1inch
returned 90% of the property. The DEX provided a 10% bounty of $500,000 in
exchange for the remaining funds. The attacker accepted and returned $4.5
million.
This article was written by Tareq Sikder at www.financemagnates.com.
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