The first quarter of 2025 has been marked by a significant surge in crypto hacks, with losses totaling over $1.63 billion.

Blockchain security firm PeckShield reported that the vast majority of these losses—more than 92%—stemmed from a single incident involving the exchange Bybit, making it one of the largest crypto thefts to date.

January started with relatively moderate losses, amounting to $87 million. However, February saw a staggering spike to $1.53 billion, driven primarily by the Bybit attack. Alongside this major incident, other February hacks added another $126 million to the tally. Among them were a $50 million exploit targeting Infini, a $9.5 million breach at zkLend, and an $8.5 million loss from…