Radhika Parashar
The majority of the attacks were recorded in Q1 2025
The ByBit wallet hack remains the largest incident so far this year
DeFi Protocols, crypto custody service providers remain at risk for hacks
Despite the globally evolving policy landscape, the crypto industry has remained plagued with hack attacks so far this year as well. A latest report by Finbold claimed that crypto hacks managed to drain a whopping $2.24 billion from the industry within the first half (H1) of 2025 alone.
The hacks of ByBit crypto exchange and Cetus Protocol among others, contributed majorly to the hefty amount that now stands stolen between January and June this year,. Citing data by blockchain security firm, SlowMist, the report showed that wallet attacks, exploitation of contract vulnerabilities, and rug pull attacks led to these significant financial losses.
The hack of a ByBit wallet alone resulted in the loss of $1.5 billion. As per the report, this attack, so far, remains the biggest crypto hack incident of the year.
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Meanwhile, similar exploits on Cetus Protocol, Israeli exchange Nobitex, and UPCX crypto payment platform helped the malicious hackers steal millions from the industry. Alarmingly, the exact number of investors who may have been impacted by these hacks remain unknown for now.
The report noted that crypto hacks worth $1.77 billion were facilitated between January and March alone. The ByBit hack singlehandedly accounted for 85 percent of the total losses recorded in crypto hacks in the first quarter of 2025. In the second quarter, however, crypto hack incidents dropped and the amount lost during this time slipped to $465 million.
The report added that the decline in hack incidents could be indicating improved security provisions around crypto protocols and services or notable delays in reporting incidents.
In the second half of this year as well, the report said, the crypto industry will continue to see hack attempts. DeFi protocols, crypto exchanges, and crypto custodians are particularly at high risk of being breached by cyber criminals, the Finbold report has warned.
