Bybit News: Over $1.6 Billion Stolen in Crypto Hacks in Q1 2025, With Bybit Exploit Leading the List

The cryptocurrency world witnessed a significant surge in hacks and scams during the first quarter of 2025, despite new regulations aiming to bolster security. A detailed look into the latest security report reveals stunning figures and highlights a major exploit involving Bybit.

$1.6B Stolen in Crypto Hacks Q1 2025! Bybit Exploit Tops the List

The first quarter of 2025 brought major changes to the crypto world with new regulations. Despite these efforts, crypto hacks and scams skyrocketed, causing massive losses and raising concerns about security. According to CertiK’s Web3 security quarterly report, Hack3d, for Q1 2025, over $1.67 billion was stolen across 197 incidents—a massive 303.38% increase in losses compared to the previous quarter. This amount also exceeds two-thirds of 2024’s total losses. Notably, Bybit exploit tops the list of these incidents.

eXch Mixing Protocol Drops USDT, USDC Amid Bybit Theft Scrutiny

The infamous crypto mixing protocol eXch has announced that it will no longer support USDT and USDC. The move comes as US authorities investigate its role in the theft of tens of millions from the Bybit crypto exchange. eXch is merging with an offshore entity and restructuring to evade scrutiny. The centralized mixing service, based in Belize, revealed plans to relocate its operations and leave its current structure. eXch refused to stop North Korea-affiliated hackers from laundering millions stolen from Bybit, prompting regulatory scrutiny. The service announced new shareholders and management board members, claiming this will reduce risks for the founding team while ensuring it can continue to operate without giving up its values. However, it did not specify what those values are.