Main Points：
- Staggering Q1 Losses: According to blockchain security firm PeckShield, Q1 2025 witnessed over $1.63 billion in cryptocurrency losses due to hacking incidents.
- Bybit Breach Dominates: Approximately 92% of these losses were attributable to attacks on Bybit, making it one of the largest breaches in crypto history.
- Multiple Incidents: In January, over $87 million was lost through various hacks; in February, losses surged to $1.53 billion primarily from Bybit. Other projects such as Infini, zkLend, and Ionic suffered losses of $50 million, $9.5 million, and $8.5 million, respectively.
- March Recovery and Reduced Losses: In March, hacking losses dropped dramatically by 97% to $33 million as some stolen assets were recovered. For example, a hack on the DEX 1inch resulted in the return of 90% of the stolen $5 million after a reward offer was made.
- Year-on-Year Increase: Q1 2025 hacking incidents numbered over 60, with total losses rising 131% compared to Q1 2024, which recorded losses of approximately $760 million.
1. A Record-Breaking Crypto Outflow
Blockchain security firm PeckShield has reported that in the first quarter of 2025, the total losses due to cryptocurrency hacks have exceeded $1.63 billion. What is particularly striking is that around 92% of these losses were linked to attacks on the crypto exchange Bybit, marking one of the most significant breach events in crypto history.
2. The Bybit Incident and Other Notable Hacks
The report details that in January 2025, hackers stole over $87 million worth of digital assets from various platforms. However, the situation worsened dramatically in February, when an attack on Bybit alone caused losses to spike to approximately $1.53 billion. In addition to the Bybit incident, several other projects were targeted:
- Infini suffered losses of about $50 million.
- zkLend was hit with approximately $9.5 million in losses.
- Ionic experienced a loss of around $8.5 million.
3. March: A Remarkable Recovery Phase
By March, the total losses due to hacking dropped significantly. Compared to February, the losses decreased by 97% to about $33 million. In some cases, the recovery of stolen assets mitigated the damage. For instance, a hacker who stole $5 million from the decentralized exchange 1inch returned 90% of the stolen amount (roughly $4.5 million) after 1inch offered a reward equal to 10% (around $500,000) of the stolen value.
4. Year-on-Year Trends and Overall Impact
PeckShield’s report indicates that more than 60 hacking incidents occurred in Q1 2025. The total losses of $1.63 billion represent a 131% increase compared to Q1 2024, when losses totaled about $760 million. Notably, in March, the most significant hack was against the DeFi protocol Abracadabra.Money, which lost approximately $13 million due to the theft of 6,260 ETH on March 25. Another major incident in March involved the RWA re-staking protocol Zoth, which suffered an $8.4 million loss following suspicious transactions detected by the cybersecurity firm Cybers on March 21.
5. A Costly Q1 for Crypto Security
The first quarter of 2025 has been a turbulent period for the cryptocurrency market, with hacking incidents leading to losses of over $1.63 billion—predominantly driven by the massive breach at Bybit. Despite a significant reduction in losses in March, the overall picture indicates a concerning trend, with the number of hacks increasing and the total loss growing by 131% year-on-year. These incidents underscore the pressing need for enhanced security measures and greater transparency in the crypto ecosystem to protect investors and users alike.
