- The crypto space has continued to see a high rise in crypto hacks, theft, and exploitation, with the hacks in the first quarter passing the total hacks recorded in 2024.
- From Bybit to Coinbase and Cetus on Sui, decentralized finance platforms have stood at the receiving end of the hack.
In recent times, there has been a high rise in the number of exploitation, theft, and blackmail in the crypto space. Although crypto and blockchain in general are often regarded as ‘highly volatile and risky’, the number of exploitations that happened in the first quarter of 2025, has raised security concerns for many.
From Bybit to Coinbase, Cetus, and the new strategies used to carry out social engineering scams, 2025 has recorded a new high for crypto hacks, and this number surpassed the total number of hacks recorded in 2024.
The Largest Crypto Hacks in 2025
According to a report shared by TRM Labs, in 2024, the total number of crypto hacks and exploitation went a little above $2 Billion but so far in 2025, the number of exploits has passed that number.
In this year, the blockchain space has recorded about 75 exploits with losses amounting to $2.1 Billion. So far, most of the hacks have targeted decentralized finance platforms and have caused them to lose huge amounts of money as well as their platform credibility.
Bybit, a decentralized exchange platform, for instance, was hacked in February, and the hack now results in more than 75% of the total hacks that happened in the first part of the year.
Also Read: Lazarus Group Strikes: Bybit Hit with Record $1.46B Hack
The Bybit hack has also been regarded as the largest hack in crypto history not only because of the amount that was stolen but also because of the mastermind behind the hack.
After the massive Bybit hack, Coinbase, another decentralized finance platform, was hit with its own $400 Million customer breach. According to the details, the hack targeted users as the major suspect ‘Daytwo’ disguised Himself as a Coinbase call support centre.
The suspect worked with insiders to get information about Coinbase customers and pretended to call in order to protect their accounts. After successfully getting them to believe, He’d ask for their seed phrases and thereafter drain their wallets. Daytwo didn’t work alone, as he had a team of other scammers that helped him carry out the hack.
Cetus on Sui, zkSync, Zoth, Wemix, and Adspower also contribute to the $2.1 Billion total money lost in crypto. With the least exploitation worth about $2.5 Million.
