Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

$1.6B Stolen in Crypto Hacks Q1 2025! Bybit Exploit Tops the List

Share This Post

The post $1.6B Stolen in Crypto Hacks Q1 2025! Bybit Exploit Tops the List appeared first on Coinpedia Fintech News

The first quarter of 2025 brought major changes to the crypto world with new regulations like the U.S. Strategic Cryptocurrency Reserve and the SEC’s Crypto Task Force. The EU also made progress with its MiCA rules, aiming to make crypto safer and more regulated.

But despite these efforts, crypto hacks and scams skyrocketed, causing massive losses and raising concerns about security across the industry.

Over $1.6B Stolen In 197 incidents!

According to CertiK’s Web3 security quarterly report, Hack3d, for Q1 2025, over $1.67 billion was stolen across 197 incidents—a massive 303.38% increase in losses compared to the previous quarter. This amount also exceeds two-thirds of 2024’s total losses.

Notably, a staggering $1.45 billion of the total Q1 crypto losses came from a single massive hack: the Bybit exploit. This breach shook the entire crypto industry, raising serious concerns about the safety of centralized exchanges. Regulators and security experts are now demanding stronger security measures to prevent such disasters from happening again.

“The increasing sophistication of hacker techniques highlights the pressing need for blockchain entities to enhance their security strategies,” remarked CertiK Co-Founder Ronghui Gu. 

He pointed to the Bybit breach as a major wake-up call, emphasizing that security should no longer be viewed just as a way to gain a competitive edge. Instead, it needs to be seen as a shared responsibility that everyone in the blockchain industry must take seriously to protect the ecosystem as a whole.

Wallet Compromise Add to the Concerns

It was followed by Phemex, which lost $71.7 million, 0xInfini with $49.5 million, and MIM Spell at $12.9 million. Most of these losses were due to wallet compromises, with private key hacks causing $142.4 million in damage across 15 incidents. In addition, code vulnerabilities led to $47.1 million in losses from 68 separate exploits, while phishing attacks accounted for $15.8 million stolen in 81 incidents.

Adding to it, only 0.38% of the stolen funds were recovered, a sharp drop from 42.09% last quarter. In February 2025, no stolen funds were returned at all.

Ethereum- The Top Target!

Ethereum continues to be the top target for crypto hacks, with $1.54 billion stolen across 98 incidents this quarter. Its dominance in DeFi and smart contracts makes it a prime target, as billions of dollars are locked in protocols that can be vulnerable to exploits and security flaws.

According to CertiK’s report, attackers are increasingly using tactics like social engineering, artificial intelligence, and contract manipulation to bypass even the strongest security measures. With more people adopting crypto and asset values rising, CertiK’s experts warn that crypto theft is likely to keep rising.

Gu emphasized the need for a strong security approach, highlighting the importance of thorough code audits, constant monitoring, clear incident response plans, vulnerability assessment, and employee training to keep systems safe.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Hyperliquid Hits $5.6B Open Interest High Amid Hyperbridge Debut

Layerzero has launched Hyperbridge, a new interoperability solution connecting external blockchain assets to Hyperliquid’s decentralized trading ecosystem, which recently saw its open interest hit

Crypto’s energy problem may have a DePIN solution

The following is a guest post and opinion by Ruchir Punjabi, Co-Founder at ReNRG Crypto, for all its growth, has an energy reputation problem The proof-of-work era left a lingering carbon footprint,

New XRP Rally Incoming? Analyst Believes This Cycle Is Unique

XRP investors are keeping an eye on a crucial price level this week Bitcoin has managed to reclaim above $100,000 and Ethereum is over $2,300 XRP has recorded a modest increase as well but still

McGregor For President? With Bitcoin In His Corner, Anything’s Possible

Ex-UFC champion Conor McGregor has suggested Ireland construct a national reserve of Bitcoin He called on May 9, 2025, in a message posted on X that doing so would give “power back to the

Six-Figure Bitcoin Rally Triggers Rare Price Inversion in South Korea

Over the past 24 hours, bitcoin has drifted between $103,133 and $104,841, while South Korea’s notorious premium quietly inverted, dipping into discount territory for several days this month

XRP Must Close Above These Price Levels To Invalidate Bearish Forecast – Analyst

XRP prices moved by almost 3% in the past day as the crypto market bounce continues However, the prominent altcoin remains in danger of significant market downside According to renowned X market