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Title: $1.6B Stolen in Crypto Hacks Q1 2025! Bybit Tops the List
A staggering figure of over $1.67 billion has been lost to crypto hacks and scams in the first quarter of 2025, according to CertiK’s Web3 security quarterly report, Hack3d. This alarming number represents a massive 303.38% increase in losses compared to the previous quarter.
The most shocking aspect of this report is the Bybit hack, which alone accounted for $1.45 billion of the total losses. This incident has raised serious concerns about the safety and security of centralized exchanges, with regulators and experts urging stronger measures to prevent such disasters from occurring again.
It’s worth noting that 197 incidents were reported in Q1 2025, resulting in these staggering losses. Notably, most of these losses were caused by wallet compromises, private key hacks, code vulnerabilities, and phishing attacks. Unfortunately, only a meager 0.38% of stolen funds were recovered this quarter.
It’s not just the sheer magnitude of the losses that’s alarming; it’s also the tactics used by hackers. According to CertiK’s report, attackers are now employing sophisticated methods like social engineering, artificial intelligence, and contract manipulation to bypass even the strongest security measures.
Moreover, Ethereum has become the top target for crypto hacks in Q1 2025, with over $1.54 billion stolen across 98 incidents this quarter. This dominance is attributed to its prominence in DeFi (Decentralized Finance) and smart contracts, which makes it a prime target for hackers as billions of dollars are locked in vulnerable protocols.
The report highlights the need for a robust security approach, emphasizing the importance of thorough code audits, constant monitoring, clear incident response plans, vulnerability assessment, and employee training.
Source: https://coinpedia.org/news/1-6b-stolen-in-crypto-hacks-q1-2025-bybit-tops-the-list/
