Crypto Hacks Result in $1.53 Billion Losses in February 2025

February 2025 Sees a Surge in Crypto Losses

Crypto hacks have resulted in significant losses in February 2025, with a total of $1.53 billion drained, an 18x increase from the same period last year. According to Immunefi, this substantial rise in losses is largely attributed to a $1.46 billion hack on Bybit, a leading crypto exchange.

This notable increase in losses has pushed the year-to-date total to $1.6 billion, already surpassing the total losses for the entire year of 2024. The majority of February’s losses were a result of two major incidents: the Bybit hack and a $49.5 million hack on Infini, a stablecoin bank.

Breakdown of Losses

Immunefi reported that the remaining losses were spread across seven smaller attacks, including:

  • zkLend: $9.5 million
  • Ionic Money: $8.6 million

Centralized finance (CeFi) platforms accounted for 95.5% of the total losses, primarily due to the Bybit incident, while decentralized finance (DeFi) protocols experienced eight incidents, making up 4.5% of the total losses.

According to Immunefi, “In February 2025, CeFi accounted for 95.5% of the total losses with a single incident, while DeFi, which experienced 8 cases, accounted for the remaining 4.5% of the total volume of funds lost.”

Causes of Losses

Hacks continued to be the predominant cause of losses compared to fraud, accounting for 100% of the total losses in February 2025. Immunefi noted that “hacks continued to be the predominant cause of losses compared to fraud.”

Targeted Blockchains

The most targeted blockchains were BNB Chain and Ethereum, each suffering four attacks and making up 72.8% of total losses. Other affected chains included Abstract, Mode, and Optimism, each hit by a single attack.

The Bybit attacker has already laundered over 266,300 ETH (about $614 million) in the past five days, averaging 48,420 ETH per day. At this rate, the remaining 233,086 ETH could be fully laundered within another five days.

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