$1.64 Billion Lost in Just Three Months
Web3 security firm Immunefi reports that Q1 2025 is on track to be the worst quarter in crypto history for hacks, with $1.64 billion in losses across 40 incidents. That’s nearly five times more than Q1 2024.
Bybit and Phemex Account for Most of the Damage
The bulk of the losses stem from a $1.46 billion exploit of centralized exchange Bybit, allegedly by North Korea’s Lazarus Group. Another $69 million hack hit Phemex, also reportedly linked to Lazarus. Combined, centralized finance (CeFi) platforms accounted for 94% of the losses.
DeFi Hack Numbers Decline, But Remain Frequent
Decentralized platforms suffered 38 of the 40 incidents, but with smaller losses totaling $106.8 million — a 69% drop from last year. Infini, zkLend, and MIM Spell were among the affected protocols.
Recovery and Fraud Down Sharply
Only $6.5 million (0.4%) was recovered this quarter — down from 21% in Q1 2024. No frauds or rug pulls were recorded, down from $14.7 million last year.
BNB Chain Now the Top Target
BNB Chain became the most-attacked network with 19 incidents, surpassing Ethereum (15). Other affected networks included Base, Optimism, and Arbitrum. Immunefi has paid over $112 million in bounties and claims it’s saved $25 billion in funds via its 45,000-strong security researcher network.
