The cryptocurrency landscape experienced a tumultuous month in April 2025, as hackers made off with over $90 million in digital assets across 15 distinct incidents. This alarming trend, documented in a report by blockchain cybersecurity firm Immunefi, signifies a striking 124% increase in losses compared to March, where $41 million was stolen.
Among the most significant breaches, the open-source platform UPCX suffered a staggering loss of over $70 million. Following closely, KiloEx reported a theft of $7.5 million. Interestingly, the exploiter from KiloEx later returned a portion of the stolen funds mere days after the attack.
Importantly, all recorded attacks in April were directed at decentralized finance (DeFi) platforms, with centralized exchanges reporting no breaches. This stark distinction raises concerns about the security measures in place within DeFi ecosystems.
State-Backed Threats on the Rise
The comprehensive nature of these attacks comes in the wake of the historic Bybit exchange hack earlier in February, which saw losses surpassing $1.4 billion, marking it as the largest breach in crypto history. According to Mitchell Amador, the Founder and CEO of Immunefi, state-sponsored actors pose the most pressing threat to the industry.
“The sheer scale of the attack shows how state-backed actors are arguably the most pressing threat to our industry,” Amador remarked. He emphasized the urgent need for robust security measures, urging protocols to adopt a “zero-trust” approach and enhance protections across their technological infrastructure.
This call to action is echoed by the growing need for comprehensive security protocols, including regular audits, bug bounties, and formal verifications to safeguard smart contracts and the underlying systems that support them.
As of April’s conclusion, the cumulative losses in 2025 exceeded $1.7 billion, surpassing the entire estimated theft for 2024. This alarming trajectory highlights the imperative for enhanced security measures within the rapidly evolving crypto landscape, particularly as the discussion around state-sponsored hacking intensifies.
The continued rise of digital asset theft poses significant challenges to the credibility of the cryptocurrency sector. As industry players grapple with these threats, the imperative to prioritize cybersecurity and foster a resilient ecosystem has never been more critical.
