Bybit Users Urged to Enhance Security as Crypto Sector Loses $2.2B in H1 2025

The cryptocurrency industry has suffered massive losses exceeding $2.2 billion in the first half of 2025, according to CertiK's "Hack3d" Web3 Security Report. This staggering figure has already surpassed the total losses recorded in 2024. The report highlights 344 reported blockchain incidents, with 34 wallet hacks accounting for the majority of the damages. Wallet security breaches alone drained $1.7 billion, while phishing scams contributed significantly to the remaining losses. As a leading cryptocurrency exchange, Bybit emphasizes the importance of robust security measures for its users. The exchange recommends implementing multi-factor authentication, using hardware wallets for large holdings, and remaining vigilant against phishing attempts. While the current security landscape appears challenging, industry experts believe these incidents will drive innovation in blockchain security solutions. Bybit remains committed to providing a secure trading environment and educating users about best security practices in the evolving crypto ecosystem.

Massive Losses Hit Cryptocurrency Sector in First Half of the Year

The cryptocurrency sector faced staggering losses exceeding $2.2 billion in the first half of the year, driven by hacks, fraud, and security breaches. CertiK's "Hack3d" Web3 Security Report reveals this figure has already eclipsed 2024's total losses. Among 344 reported blockchain incidents, 34 wallet hacks accounted for the bulk of the damage.

Wallet security breaches drained $1.7 billion, while phishing scams siphoned off $410 million across 132 incidents. February saw the year's largest single exploit—a $1.5 billion drain from Bybit's staked ETH wallets due to a critical vulnerability. May brought another seismic breach: Cetus Protocol lost $225 million to a smart contract flaw, though sui validators recovered $162 million. Smart contract vulnerabilities alone surged to $229 million in May, up from just $5 million in April.

A disturbing trend emerged beyond digital threats—32 physical attacks were recorded, marking a violent escalation in crypto-related crimes.

Crypto Investors Lose $2.5B to Hacks and Scams in First Half of 2025

Hackers stole more than $2.47 billion worth of cryptocurrency in the first half of 2025, surpassing last year's total of $2.42 billion, according to CertiK's Hack3d Report. The bulk of losses stemmed from two major incidents: the Bybit breach and the Cetus Protocol exploit, which accounted for $1.78 billion combined.

Wallet compromises emerged as the primary attack vector, responsible for $1.7 billion in losses. Phishing attacks remained pervasive, with $410 million stolen across 132 incidents. ethereum bore the brunt of the attacks, suffering $1.5 billion in losses from 164 incidents, followed by Bitcoin with $373 million stolen in 10 incidents.

"While the overall figures are alarming, the majority of funds lost were attributable to two concentrated, high-impact events," said CertiK co-founder Ronghui Gu. "The results underscore the industry's need for continued vigilance and improved security measures."

Second-quarter losses totaled $801 million, marking a 52% decline from the previous quarter.

XRP Outshines Bitcoin and Ethereum Amid Market Downturn

Ripple's XRP emerged as a rare bright spot in a crypto market grappling with its third consecutive day of losses. While Bitcoin slipped 1.13% to maintain dominance at 64.73% of total market capitalization, and Ethereum struggled to hold above $2,400, XRP bucked the trend with notable gains.

The broader market saw $247.65 million in liquidations, spiking 11.34% within 24 hours. Bybit recorded the single largest liquidation—a $2.62 million BTC/USD trade—as volatility hammered traders. Altcoins exhibited divergent performance, with some mid-cap tokens posting unexpected rallies despite the bearish backdrop.

Ethereum's market share dipped below 9% as consolidation continued. Binance's BNB and solana mirrored the sideways action plaguing major assets, though select altcoins demonstrated resilience. 'The middle order is where speculative energy survives when blue chips stagnate,' observed one trader, noting the rotational capital flows characteristic of uncertain markets.