Bybit Users Alert: Crypto Sector Loses $3.1 Billion to Hacks in Q1 2025

The cryptocurrency industry has faced a significant setback in the first half of 2025, with losses from hacks exceeding $3.1 billion, according to a report by blockchain security firm Hacken. This figure surpasses the total losses recorded for the entirety of 2024, highlighting a troubling trend in the sector. The report identifies persistent vulnerabilities in both decentralized and centralized finance platforms as the primary drivers of this surge. Key factors contributing to these breaches include outdated codebases, access-control flaws, and the increasing complexities associated with AI integration. As the industry continues to evolve, stakeholders are urged to prioritize security measures to mitigate future risks. Bybit users and the broader crypto community are advised to stay vigilant and adopt best practices to safeguard their assets.

Crypto Sector Loses $3.1 Billion to Hacks in Q1 2025, Exceeding 2024 Total

The cryptocurrency industry suffered over $3.1 billion in losses from hacks during the first half of 2025, surpassing the total losses for all of 2024, according to a report by blockchain security firm Hacken. Persistent vulnerabilities in both decentralized and centralized finance platforms drove the surge, with outdated codebases, access-control flaws, and AI integration complexities cited as key factors.

Access-control exploits accounted for 59% of the losses, while smart-contract bugs contributed $273 million. The $1.5 billion Bybit incident in February highlighted systemic security shortcomings, but Hacken's forensic team noted a shift in attack vectors—human and procedural errors now outpace cryptographic weaknesses as the primary exploit method.

Legacy infrastructure remains a critical vulnerability. Yehor Rudytsia, Hacken's head of forensics, emphasized the risks of unmaintained codebases, citing GMX v1 as a prime target. "Projects must address legacy code if it remains operational," Rudytsia warned, underscoring the escalating stakes of cybersecurity in crypto.

Immunefi CEO Warns of Crypto Security Crisis as 2025 Hacks Surge

Mitchell Amador, CEO of blockchain security platform Immunefi, argues that proactive bug bounties could save crypto firms billions. In a BeInCrypto exclusive, he revealed that paying ethical hackers to identify vulnerabilities—often millions per discovery—proves more cost-effective than post-breach damage control. This comes as 2025 threatens to become crypto’s worst year for exploits, with Chainalysis projecting over $4.3 billion in stolen funds.

The Bybit hack now stands as the industry’s largest breach on record, part of a disturbing trend where infrastructure attacks account for 80% of losses according to TRM Labs. Amador attributes the surge to reckless development practices: “Billions FLOW into onchain ecosystems while teams treat security as a checkbox.” His critique underscores a systemic failure as projects prioritize speed over robust post-launch protocol upgrades.