Bybit Hack Leads to Record Crypto Losses in Early 2025

The first quarter of 2025 has been marked by a significant surge in crypto hacks, with losses totaling over $1.63 billion.

Blockchain security firm PeckShield reported that the vast majority of these losses—more than 92%—stemmed from a single incident involving the exchange Bybit, making it one of the largest crypto thefts to date.

January started with relatively moderate losses, amounting to $87 million. However, February saw a staggering spike to $1.53 billion, driven primarily by the Bybit attack. Alongside this major incident, other February hacks added another $126 million to the tally. Among them were a $50 million exploit targeting Infini, a $9.5 million breach at zkLend, and an $8.5 million loss from Ionic.

The situation improved significantly in March, as hack-related losses plummeted by 97% compared to February. During this period, only $33 million in crypto was stolen, and some of the compromised funds were even recovered. This decline in losses offered a bit of relief to affected users and protocols.

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One of the most significant incidents in March was a $13 million exploit involving the decentralized finance platform Abracadabra.Money, where attackers siphoned off 6,260 Ether on March 25. Another notable hack that month targeted the Zoth protocol, resulting in an $8.4 million loss after an attacker moved funds from Zoth’s wallets to another address, converting the assets to stablecoins.

Interestingly, not all stories ended with losses. On March 7, a hacker who exploited the decentralized exchange 1inch for $5 million decided to return 90% of the stolen funds. After the DEX offered a 10% bounty as a compromise, the attacker sent back $4.5 million, keeping $500,000 as the reward.

Overall, the first quarter of 2025 saw a 131% increase in hack-related losses compared to the same period in 2024, when the total stood at $706 million. The surge highlights the growing challenges of securing digital assets, despite some recovery efforts and improved security measures.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.