The crypto space has lost more than $1.6 billion in cryptocurrency hacks and scams during the first quarter of 2025. Blockchain security firm PeckShield announced that the February ByBit exchange exploit accounted for over 92% of total losses.
In a detailed report, PeckShield states that over $87 million in crypto was lost to hacks in January, with February spiking to $1.53 billion, largely due to the aforementioned Bybit hack.
#PeckShieldAlert Q1 2025 witnessed 60+ crypto hacks, resulting in total losses of $1.63B, a YoY increase of 131% compared to $706M in Q1 2024.
March 2025 recorded 20 crypto hacks, resulting in $33.46M in losses, including a $5M hack affecting #1inch, which was 90% recovered.… pic.twitter.com/Pg3fHpUvUp
— PeckShieldAlert (@PeckShieldAlert) April 1, 2025
Centralized Exchange Hacks Account For Most Of Q1 Crypto Losses
In addition to the billion dollar ByBit hack, other attacks in February caused around $126 million in losses. This included a $50 million exploit targeting DeFi platform, Infini, a $9.5 million hack on zkLend and an $8.5 million drain of Ionic.
March saw hack-related losses drop significantly, decreasing by 97% from February. Due to no gargantuan ByBit-style hacks, PeckShield reported only $33 million in crypto assets being stolen last month.
According to PeckShield, the first quarter of 2025 saw more than 60 crypto hacks across both centralized and decentralized platforms. The blockchain security firm said the $1.63 billion loss in Q1 2025 represented a 131% year-over-year increase from the first quarter of 2024, when losses totalled around $700 million.
The largest incident in March happened just last week as decentralized finance protocol Abracadabra.Money suffered a $13 million exploit. PeckShield said the hacker made off with 6,260 ETH from the protocol on March 25.
RWA restaking protocol Zoth suffered the second largest loss in March. On March 21, security firm Cyvers flagged a suspicious Zoth transaction, whereby an attacker withdrew $8.4 million from the protocol’s wallets. The assets were converted into the DAI stablecoin before being transferred to another address.
Following the huge ByBit hack in February, March was relatively tame, with some hacked funds even being returned. On March 7, a crypto hacker stole over $5 million from the 1inch DEX before returning 90% of the funds.
After a smart contract vulnerability was exploited, the 1inch offered a 10% bounty to the attacker, worth roughly $500,000, in exchange for returning the rest of the crypto assets. The hacker took 1inch up on the offer and subsequently sent back $4.5 million to 1inch.
🚨 In March 2025, decentralized exchange aggregator 1inch faced a $5 million #hack 💸
The attacker exploited a vulnerability in Fusion v1 that enabled unintended transactions, but later returned the funds for a bug bounty fee 🤝
Learn more 👇https://t.co/acn898IvQb
— Halborn (@HalbornSecurity) March 12, 2025
Not Your Keys, Not Your Coins: Best Wallet Is The G0-To Self Custodial Wallet That Puts An Emphasis On Security
3 Tips to Keep Your Wallet Secure 🔐
1️⃣ Back up your wallet – Always store your recovery phrase or private key safely, preferably offline.
2️⃣ Beware of scams – No one from Best Wallet will ever DM you asking for your private keys. Stay alert.
3️⃣ Use strong security settings –… pic.twitter.com/Ix9NQuAyWQ
— Best Wallet (@BestWalletHQ) March 19, 2025
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This means that users of Best Wallet aren’t at the mercy of the exchanges, hoping they aren’t hacked or they don’t lock your account for no reason.
With Best Wallet as long as you ensure that your private keys are stored securely, not on your phone or computer but for example, locked away securely on a piece of paper, the risk of being hacked goes down considerably.
With the Best Wallet team constantly pushing fresh software updates and the latest security measures being put in place, it is fast becoming the markets Web3 wallet of choice.
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DISCOVER: 20+ Next Crypto to Explode in 2025
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Crypto hacks in Q1 2025 exceed $1.6 billion in losses
- ByBit being hacked in February makes up for over 90% of the losses
- Security firm PeckShield report that March losses were down 97%
- A 1inch hacker who stole $5m agreed to the teams bounty offer and returned $4.5m, keeping $500,000
- Self-custodial wallets are the safest way to store crypto and Best Wallet (BEST) is fast becoming one of the best on the market
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