The cryptocurrency sector suffered staggering losses in February, with scams, exploits, and hacks totaling nearly $1.53 billion, according to blockchain security firm CertiK. The bulk of these losses stemmed from the $1.4 billion attack on Bybit, marking the largest crypto heist in history.
On February 21, hackers targeted crypto exchange Bybit, reportedly seizing control of a storage wallet. CertiK attributed the attack to North Korea’s Lazarus Group, the same entity responsible for the $650 million Ronin Bridge hack in March 2022.
The FBI later confirmed that North Korean operatives were behind the Bybit breach and had begun dispersing the stolen funds across thousands of blockchain addresses.
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Bybit Hack Drives Crypto Losses Up 1,500% in February
The massive Bybit exploit significantly skewed the overall loss figures for February. Compared to January, when losses stood at $98 million, February’s figure represents a nearly 1,500% increase.
Even when excluding Bybit’s losses, crypto hacks and scams last month still reached $126 million, a 28.5% rise from the previous month.
The second-largest hack of the month targeted Infini, a stablecoin payment firm, resulting in the theft of $49 million on February 24.
CertiK’s investigation revealed that a key wallet used in the exploit had prior involvement in developing Infini’s smart contracts. The attacker retained admin privileges, allowing them to redeem all Vault tokens.
“The exploit highlights a major vulnerability, demonstrating how admin privileges can become a single point of failure,” CertiK stated in its February 27 report. The firm stressed the importance of securing private keys to prevent similar attacks.
Combining all the incidents in February, we’ve confirmed ~$1.5B lost to exploits, hacks and scams.
The Bybit incident is the largest we have recorded since the Ronin Bridge exploit in 2022 which was also conducted by Lazarus.
More details below 👇 pic.twitter.com/n1fv9x0YNh
— CertiK Alert (@CertiKAlert) February 28, 2025
Following the attack, Infini’s team attempted to negotiate with the hacker, offering them 20% of the stolen funds in exchange for returning the remainder and avoiding legal consequences.
However, the 48-hour deadline has long passed, and as of the latest data from Etherscan, the hacker’s wallet still holds over 17,000 Ether, valued at approximately $43 million.
The third-largest exploit of the month involved decentralized lending protocol ZkLend, which lost $10 million to hackers on February 12.
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Rising Security Threats in the Crypto Space
CertiK identified wallet compromises as the leading cause of crypto losses in February, followed by code vulnerabilities, which resulted in $20 million in losses, and phishing scams, which accounted for $1.8 million.
While crypto hacks had been on a downward trend toward the end of 2024, February’s massive Bybit attack has reignited concerns over security vulnerabilities.
December had previously recorded the lowest monthly losses of the year at $28.6 million, down from $63.8 million in November and $115.8 million in October. However, with the rise in sophisticated cyber threats, experts warn that 2025 could see a resurgence in large-scale crypto exploits.
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Key Takeaways
- Crypto losses surged in February, reaching $1.53 billion, largely due to the $1.4 billion Bybit hack.
- North Korea’s Lazarus Group was behind the Bybit breach, with stolen funds being dispersed across multiple blockchain addresses.
- Security vulnerabilities remain a major concern, with wallet compromises and admin privilege exploits driving losses.
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