Crypto Losses Skyrocket to $1.6 Billion in Early 2025, Immunefi Reports

The cryptocurrency world has been rocked by an alarming surge in crypto losses during the first two months of 2025.

According to the latest Immunefi report, total losses have reached a staggering $1.6 billion year-to-date, representing an 8x increase compared to the same period last year. February alone saw over $1.5 billion vanish due to hacks, marking a 20x jump from January’s figures.

The cryptocurrency exchange Bybit suffered the heaviest blow, losing approximately $1.46 billion in a single security breach. This single incident accounted for 95.5% of February’s total losses.

Stablecoin bank Infini followed with a distant but still significant $49.5 million loss. Other notable victims included zkLend ($9.5 million), Ionic Money ($8.6 million), and Cardex ($400,000).

Breaking Down the Crypto Losses

The report reveals several concerning trends in the crypto security landscape:

• Hacks continue to dominate as the primary cause of losses, with no reported fraud cases in February.
• Centralized Finance (CeFi) platforms bore the brunt of attacks, accounting for 95.5% of February’s losses despite experiencing only one incident. Decentralized Finance (DeFi) suffered the remaining 4.5% spread across eight separate attacks.
• BNB Chain and Ethereum emerged as the most targeted blockchains, each suffering four individual attacks. These two chains represented 72.8% of total losses across targeted networks.
• The $1.6 billion lost in just two months has already surpassed the entire 2024 total of $1.49 billion.

The dramatic increase in successful attacks suggests hackers are developing more sophisticated methods to breach even established platforms. The concentration of losses in CeFi is particularly troubling, as these centralized exchanges typically hold larger pools of user funds.

Security experts warn that as cryptocurrency adoption grows, the incentives for attackers increase proportionally. Projects must prioritize security measures, including comprehensive code audits, bug bounty programs, and improved key management protocols.

Immunefi, which prepared the report, has established itself as the leading security platform in the blockchain space. The company has paid out over $112 million in bounties to ethical hackers who discover and report vulnerabilities before they can be exploited. These efforts have reportedly saved over $25 billion in user funds.