Crypto hacks hit $3.1 billion by mid-2025

The Bybit hack in Q1 accounted for nearly half of all crypto losses this year, exposing serious gaps in access security.

Crypto losses have surpassed $3.1 billion in 2025, with access control failures accounting for nearly 60% of the damage.

Cyberattacks and scams have already cost the crypto sector more than $3.1 billion in 2025, marking one of the most damaging years. Hacken’s mid-year report reveals that access control failures and social engineering tactics remain the primary culprits.

The most significant single incident occurred in Q1, when Bybit suffered a $1.5 billion breach, accounting for 83% of all Q1 losses. Access control weaknesses were responsible for around $1.83 billion, or 59% of funds lost across both DeFi and CeFi platforms.

Decentralised finance projects were hit particularly hard, with $300 million drained in Q2 alone. Smart contract vulnerabilities contributed to $263 million in losses, including a $223 million hit in the Cetus exploit.

Meanwhile, phishing scams reached new heights, with one incident in April involving a $330 million Bitcoin theft.

Q2 had fewer access breaches than Q1, but single leaks caused rapid, large-scale losses. Hacken’s report concludes that improved cybersecurity is essential for building trust and protecting innovation in the growing blockchain space.

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