Blockchain security company CertiK has disclosed that hackers stole $1.67 billion in cryptocurrency during the first quarter of 2025, marking a staggering 303% increase from the previous quarter.
This amount represents two-thirds of the total cryptocurrency thefts from 2024, with a significant portion of the Q1 losses stemming from the $1.45 billion hack of Bybit.
In their analysis, CertiK examined 197 hacking events during Q1, with 98 of those incidents occurring on the Ethereum network.
Following the Bybit breach, the largest hacks included a $71 million theft from Phemex in January and a $49.5 million exploit involving the crypto neobank Infini.
Phishing attacks, where attackers steal victims’ credentials to access personal accounts, remained the predominant method of theft, accounting for 81 incidents. Additionally, there were 15 instances of compromised private keys.
Only 0.38% of the stolen funds from Q1 were recovered, a drastic decline from the 42.09% recovery rate in the prior quarter, leading to a significantly higher effective loss. Notably, no stolen funds were reclaimed in February.