The crypto sector suffered a significant blow in February, with losses due to hackings reaching a staggering $1,530 million, according to a report by Immunefi. This figure represents a 20-fold increase compared to the previous month, primarily driven by the attack on Bybit. In fact, crypto hackings caused losses of $1,530 million in February, a 1,900% increase compared to January. The attack on Bybit accounted for $1,460 million of the total losses, making it the worst hack in crypto history.
The report highlights that BNB Chain and Ethereum were the networks with the most events, accumulating 72.8% of the attacks. Safety in the world of cryptocurrencies was seriously compromised in February 2025, with losses exceeding $1,530 million due to multiple attacks. The accumulated losses for the year have reached $1.6 billion, which is an eight-time increase compared to the same period last year.
However, it’s essential to note that these numbers have been heavily influenced by the hacking incident against Bybit, where hackers stole $1,460 million. Excluding this case, the losses would be limited to $68.3 million, representing a slight decrease of 7.6% compared to January. The attack on Bybit has surpassed the largest incidents in the history of the blockchain ecosystem by a wide margin. To put it into perspective, the three most expensive exchange hacks to date were Coincheck (2018) with losses of $534 million, Mt. Gox (2014) with losses of $470 million, and FTX (2022) with losses of $415 million during its bankruptcy process.
The hacking of Bybit has generated uncertainty in the community, as the exact circumstances are still under investigation. It is suspected that it could have been a sophisticated attack on private keys, similar to previous incidents on other platforms, perpetrated by hackers linked to the North Korean criminal organization Lazarus Group. According to the Immunefi report, the networks BNB Chain and Ethereum were the ones that recorded the most events during February, counting four attacks each. In total, both blockchain networks concentrated 72.8% of on-chain losses.
Other networks where hacking incidents were recorded were Abstract, Mode, and Optimism, which counted one attack each, although on a smaller scale. The recurrence of attacks on Ethereum and BNB Chain highlights the growing pressure on these networks, which have been the favorite target of hackers due to their volume of transactions and liquidity in DeFi. The dramatic increase in hacking incidents during February shows the urgent need to improve ecosystem security in the blockchain. Although initiatives such as Immunefi have managed to detect and mitigate failures, attacks on centralized platforms like Bybit reflect that the risks persist.
For users and investors, this underlines the importance of stricter security practices, such as the use of cold wallets, smart contract audits, and the implementation of advanced cybersecurity protocols. With regulators increasing scrutiny over the sector, mass hacks could trigger additional pressure for exchanges to adopt stricter safety standards or face greater legal consequences. Ultimately, it is crucial for the crypto community to prioritize security and take proactive measures to protect against these threats.