Crypto Losses Reach $1.53 Billion in February, With Bybit Hack Accounting for the Largest Share

Crypto losses for the month of February totaled $1.53 billion, with the Bybit hack being the largest contributor, accounting for $1.4 billion of the total loss. This represents a nearly 1,500% increase from the $98 million in losses reported in January.

Top Crypto Hacks in February

The three biggest exploits in February were the Bybit, Infini, and zkLend hacks. The Bybit hack, attributed to North Korea’s Lazarus Group, is now the largest crypto hack ever, surpassing the $650 million Ronin bridge hack in March 2022.

The second largest loss stemmed from the February 24 hack of stablecoin neobank Infini, resulting in a loss of $49.5 million. The hacker, a developer who retained admin rights after helping set up the smart contract, used these rights to drain the funds to a wallet funded through the crypto mixer Tornado Cash.

Coming third, the February 12 exploit of zkLend resulted in a loss of $9.5 million worth of Ethereum. Both Infini and zkLend have offered bounties to the hackers, asking for the return of the stolen funds.

Causes of Crypto Losses

In addition to the hacks, Certik reported that wallet compromises were the top category for losses in February, followed by code vulnerabilities, which led to $20 million in losses. Phishing attacks resulted in $1.8 million in stolen funds.

Crypto Security Tips:

  • Use strong and unique passwords for all crypto accounts.
  • Enable two-factor authentication (2FA) for added security.
  • Be cautious of phishing attacks and never click on suspicious links.
  • Keep software and firmware up to date to prevent code vulnerabilities.
  • Use reputable crypto mixers and wallets to minimize the risk of hacks.

Certik’s report highlights the importance of crypto security and the need for users to take extra precautions to protect their assets. As the crypto market continues to grow, it’s essential for users to stay informed and take steps to minimize the risk of losses.

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