Key Points
Record Crypto Losses in February 2025
Crypto losses in February 2025 reached an alarming $1.53 billion.
This represents an 18-fold increase from the previous year.
The majority of these losses were due to a $1.46 billion hack on the crypto exchange Bybit.
This surge in losses pushed the total for the year to $1.6 billion.
This figure has already surpassed the total losses for the entire year of 2024, as reported by Immunefi.
Immunefi’s research report details that the bulk of February’s losses were due to just two incidents.
Crypto exchange Bybit lost $1.46 billion and Infini, a stablecoin bank, suffered a $49.5 million hack.
The rest of the losses were distributed among seven smaller attacks.
ZkLend and Ionic Money were among the victims, losing $9.5 million and $8.6 million respectively.
Centralized vs Decentralized Finance Losses
In February 2025, Centralized finance (CeFi) platforms were responsible for 95.5% of the total losses.
This was largely due to a single incident.
In contrast, decentralized finance (DeFi) experienced eight cases, accounting for the remaining 4.5% of the total volume of funds lost.
Losses in February escalated 20 times from January’s $73.9 million.
This highlights the increasing impact of security breaches.
According to Immunefi, hacks remained the leading cause of losses as opposed to fraud.
BNB Chain and Ethereum were the most targeted blockchains.
They each suffered four attacks, making up 72.8% of total losses.
Other affected chains included Abstract, Mode, and Optimism, each hit by a single attack.
The individual responsible for the Bybit attack has reportedly already laundered over 266,300 ETH (about $614 million) within the past five days.
At this rate, the remaining 233,086 ETH could be fully laundered within another five days.