In the first quarter of 2025, over $2 billion was lost due to cryptocurrency hacks, with approximately $1.63 billion of that total resulting specifically from access control vulnerabilities. This shocking increase is largely attributed to the hack of the crypto exchange Bybit, which significantly impacted these figures. The information, shared by the cybersecurity firm Hacken, parallels reports from PeckShield, which indicated slightly lower total losses of around $1.6 billion during the same quarter. A report highlighted that a group of North Korean hackers was responsible for the Bybit breach, leveraging control over more than 11,000 cryptocurrency wallets to launder the stolen funds, indicating a growing sophistication in such cyberattacks. The scale of the breaches in just Q1 2025 is remarkable compared to an entire loss of $2.25 billion across all of 2024. Hacken emphasized the critical need for robust security measures that extend beyond just secure code, covering the entire digital infrastructure to prevent exploitations from any weak points. The report also revealed that major players in both centralized and decentralized finance have fallen victim to operational mishaps, highlighting that attacks have exploited familiar vulnerabilities rather than introducing new ones. An alarming trend identified is that operational failures and access control weaknesses have surpassed smart contract vulnerabilities as the primary sources of damage. Alongside these hacks, scams remain prevalent, with phishing scams causing losses of $96.37 million and rug pulls accounting for approximately $300 million. Notably, the professionalization of cybercriminal networks has become a concerning development, where these organizations operate with the efficiency of startups. Overall, the security landscape of cryptocurrency remains dire, with ongoing challenges from both hacking incidents and sophisticated scams putting significant financial assets at risk.
In the first quarter of 2025, the cryptocurrency industry faced staggering losses exceeding $2 billion due to hacks, with access control vulnerabilities accounting for around $1.63 billion of that total. This significant figure is largely the result of the high-profile hack of the Bybit crypto exchange, as reported by the cybersecurity firm Hacken, which shared its findings with Cointelegraph. Comparative data from PeckShield indicated that losses were slightly lower, estimated at about $1.6 billion for the same period. The breach at Bybit was linked to a group of North Korean hackers who reportedly control over 11,000 cryptocurrency wallets, using them to launder stolen funds. This incident highlights an alarming increase in the sophistication and scale of cyberattacks within the cryptocurrency sector. To put these losses into perspective, the total loss for the entire year of 2024 was $2.25 billion—showing how dramatically risks have escalated in just a single quarter of 2025. Hack...