Blockchain security firm CertiK has revealed that $1.67 billion worth of cryptocurrency was stolen by hackers in the first quarter of 2025, marking a staggering 303% increase compared to the previous quarter. This alarming rise highlights the ongoing vulnerabilities within the crypto ecosystem.
Notably, this figure represents two-thirds of the total amount stolen throughout 2024, illustrating a concerning trend in crypto security incidents. A significant portion of Q1’s losses can be attributed to the infamous $1.45 billion hack of Bybit, which has raised significant questions about exchange security measures.
In its analysis of 197 hacking incidents during the first quarter, CertiK reported that the Ethereum network bore the brunt of these attacks, with 98 hacks occurring on this blockchain alone. Following the Bybit breach, the two largest hacks were the $71 million Phemex heist in January and the $49.5 million exploit suffered by the crypto neobank Infini in February.
Phishing attacks continue to be the primary method used by hackers, accounting for 81 incidents, while compromises involving private keys were noted in 15 separate cases. The sophistication and frequency of these attacks point to a worrying trend where basic security practices are not sufficiently protecting users.
Perhaps most concerning is the recovery rate of stolen funds. Only a mere 0.38% of the hacked assets have been returned to victims in Q1, a stark contrast to the 42.09% recovered in the preceding quarter. This adjustment significantly increases the effective loss for many affected individuals and institutions, with February witnessing no recovered funds at all.
As the cryptocurrency landscape continues to evolve, stakeholders must take proactive steps to bolster security measures and reduce vulnerabilities within the ecosystem. The staggering rise in losses suggests that the battle against crypto theft is far from over, and the community must remain vigilant in the face of these growing threats.
