The cryptocurrency sector experienced over 60 hacking incidents in the first quarter, leading to losses of $1.63 billion—more than double the $706 million reported the previous year.
In the first quarter of 2025, cryptocurrency hacks resulted in over $1.6 billion in losses, marking this period as the most severe for security breaches in the crypto landscape to date, according to recent data.
Information from PeckShield further indicates that losses from hacks in the first quarter of this year more than doubled from $706 million in the same period of 2024.
The bulk of the losses in Q1 stemmed from two significant breaches: a $1.46 billion exploit at Bybit and a $69.1 million attack on Phemex. According to analysts, these two incidents accounted for 94% of all losses during this period.
“The magnitude of the Bybit and Phemex attacks, totaling $1.5 billion, highlights how state-sponsored actors pose a critical threat to our industry. Their success in infiltrating well-established platforms underscores the urgent need for comprehensive security measures that safeguard the entire ecosystem and assist projects in averting catastrophic breaches.”
Centralized exchanges were particularly hard hit, making up 94% of the total losses, while decentralized finance (DeFi) attacks accounted for a mere 6%. Among the affected blockchains, Binance’s BNB Chain (formerly known as Binance Smart Chain) was targeted the most, with 19 incidents noted, followed closely by Ethereum with 15 reported hacks.
March alone witnessed 20 hacking events, resulting in losses of $33.46 million. Notable incidents included a $13 million breach at Abracadabra.money and an $8.32 million attack on Zoth.