Hackers stole more than $1.63 billion in cryptocurrency in the 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 in January. Losses surged to $1.53 billion in February, mainly due to the Bybit attack. The incident was one of the largest 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 targeting Infini, a $9.5 million hack on zkLend, 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.
The report highlighted a 131% year-over-year rise in crypto hacks. Losses in Q1 2024 totaled $706 million. The first quarter of 2025 saw more than 60 incidents.
The largest hack in March involved decentralized finance protocol Abracadabra.Money. On March 25, an attacker drained 6,260 Ether, worth $13 million, from the protocol.
🚨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, 2025March Hacks See Partial Fund Recovery
Another significant hack targeted 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 were converted into stablecoins and moved to another wallet.
Despite the losses, some stolen funds were returned. On March 7, a hacker who stole $5 million from decentralized exchange 1inch returned 90% of the assets. The DEX offered 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.
