Crypto Hacks Soar to $1.63 Billion in Q1 2025, Bybit and Phemex Among Biggest Targets
Hackers stole $1.63 billion in cryptocurrency in the first quarter of 2025, a 131% increase from Q1 2024’s $706 million, according to blockchain security firms PeckShield and Immunefi. The biggest attack was on Bybit, which lost $1.46 billion, making up 92% of total losses. Phemex was also hit, with hackers stealing $69.1 million. Centralized exchanges accounted for 94% of all stolen funds, a shift from previous years when decentralized finance (DeFi) platforms were the main targets.
February was the worst month, with $1.53 billion lost, mostly due to the Bybit breach. Other incidents in February included a $50 million attack on Infini, a $9.5 million hack on zkLend, and an $8.5 million exploit on Ionic. January saw $87 million…
