$1.63 Billion Lost: Crypto Suffers Brutal Start to 2025

The crypto universe has undergone a financial earthquake. In the first quarter of 2025, hackers siphoned off $1.63 billion, shattering all records. A staggering figure, boosted by the titanic attack on Bybit, which alone accounts for 92% of the losses. But behind these brutal statistics lie more nuanced realities: exploited flaws, vulnerable ecosystems, and fragile resilience. A deep dive into the bowels of a crisis that shakes the foundations of decentralization.

The Sledgehammer Blow

The attack on Bybit, in February 2025, acted like a detonation. With $1.53 billion vanished, this feat remains one of the boldest in crypto history.

To understand its impact, one must return to the figures: in January, losses amounted to $87 million, an already alarming amount.

Then February came, transforming a worrying trend into a systemic catastrophe. Bybit was not just hacked; it was dismantled, exposing structural vulnerabilities that many believed unlikely.

Yet, this carnage did not eclipse other attacks. In February, Infini ($50 million), zkLend ($9.5 million), and Ionic ($8.5 million) also suffered significant losses.

These incidents, overshadowed by Bybit, reveal a resurgence of varied targets: DeFi protocols, lending platforms, trading infrastructures.

Hackers are diversifying their strategies, shifting from exploiting smart contracts to manipulating institutional wallets.

March brought a semblance of respite, with a 97% drop in thefts ($33 million). Some funds were even returned, like the $4.5 million recovered by 1inch after a tough negotiation.

But this relative calm should not deceive: it is less about security improvement than a tactical pause. Hackers digest their loot while protocols temporarily strengthen their shields.