Crypto hacks in the first quarter rise to 131% year-on-year as losses reached $16.3 billion, according to data

More than 60 crypto hacks were spotted in the first quarter, resulting in a loss of $1.63 billion, more than doubled from the previous year’s $706 million.

Crypto Hacks in the first quarter of 2025 caused more than $1.6 billion in losses, making it the worst quarter for Crypto security breaches to date, with each data from Immunefi’s latest research report.

Data from Peckshield shows that crypto losses from first quarter hacks have more than doubled, more than doubled from $706 million in the first quarter of 2024.

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Most of the first quarter’s losses came from two major incidents. It’s a $1.46 billion exploitation on BYBit and a $69.1 million attack on PHEMEX. As an analyst at Immunefi, the two major exploits for the quarter were “a total of only $1.52 billion, accounting for 94% of all losses in the first quarter.”

“The enormous scale of Bibit and Femex’s attacks totaling $1.5 billion indicates that state-backed actors are undoubtedly the most pressing threat to our industry. The success in violation of the well-known combat testing platform is a reminder of the need for security measures to protect the entire stack and prevent disaster attacks.”

Immunefi

Centralized exchanges suffered the most as they accounted for 94% of their total losses, but attacks on decentralized finances accounted for just 6%. Binance’s BNB chain (formerly Binance Smart Chain) is the most misused blockchain, suffering from 19 separate incidents, followed by 15 Ethereums.

There were 20 hacks seen in March alone, resulting in a loss of $33.46 million. The biggest incidents included a $13 million exploitation at Abracadabra.Money and a $8.32 million attack on Zoth.

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