Bybit’s $1.5 Billion Cold Wallet Exploit Highlights Surging Crypto Security Concerns in 2025

Cryptocurrency investors faced unprecedented losses in the first half of 2025, with a staggering $2.47 billion stolen through hacks and scams—already surpassing 2024's total of $2.42 billion. The most devastating incidents included a $1.5 billion cold wallet breach at Bybit and a $225 million attack on Cetus Protocol. ethereum emerged as the primary target, accounting for $1.5 billion in stolen assets. As of July 2025, these breaches underscore the urgent need for enhanced security measures in the crypto ecosystem, particularly for centralized exchanges like Bybit.

Crypto Losses Reach $2.5 Billion in First Half of 2025, Exceeding 2024 Total

Cryptocurrency investors suffered $2.47 billion in losses from hacks and scams during the first six months of 2025, surpassing the entirety of 2024's $2.42 billion losses. The bulk of these losses stemmed from two catastrophic security breaches: a $1.5 billion cold wallet exploit at Bybit and a $225 million attack on Cetus Protocol.

Ethereum bore the brunt of malicious activity, with $1.5 billion stolen across 164 incidents. Bitcoin followed as the second-most targeted chain at $373 million. Wallet compromises proved particularly devastating, accounting for $1.7 billion in losses, while phishing attacks siphoned $410 million through 132 separate incidents.

Despite the grim first-quarter figures, second-quarter losses showed a 52% reduction to $801 million across 144 incidents. The decline suggests improved security measures may be taking effect, though the astronomical first-half totals underscore systemic vulnerabilities in digital asset infrastructure.

Bybit to Impose 18% GST on Crypto Services for Indian Users Starting 2025

Bybit will enforce an 18% Goods and Services Tax (GST) on all chargeable services for Indian users beginning July 7, 2025. The move aligns with India's tax regulations for VIRTUAL digital assets, impacting trading fees, withdrawals, staking, and even spread-based transactions.

The tax applies universally—spot trading, derivatives, fiat conversions, and recovery of misdirected deposits all incur the levy. A 0.1% trading fee on a 100,000 USDT bitcoin sale now carries an additional 18 USDT GST, reducing final proceeds to 99,882 USDT. Transaction breakdowns will display GST automatically, eliminating manual input.

Margins, Earn products, and Bybit Pay services face identical treatment. Certain offerings will disappear from the Indian market by July 9, though specifics remain undisclosed. The policy signals tightening crypto compliance in one of Asia's most dynamic retail trading markets.