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Crypto Hacks Exceed $2.24 Billion in First Half of 2025 Despite Q2 Slowdown, Says Finbold Report

Crypto Hacks Exceed $2.24 Billion in First Half of 2025 Despite Q2 Slowdown, Says Finbold Report Crypto Hacks Exceed $2.24 Billion in First Half of 2025 Despite Q2 Slowdown, Says Finbold Report

Over $2.24 billion has been lost to crypto-related security breaches in the first six months of 2025, according to the newly published H1 2025 Cryptocurrency Report by Finbold. The staggering total underscores the persistent and pressing cybersecurity challenges facing the digital asset sector.

Data sourced from blockchain security firm SlowMist reveals that nearly $1.78 billion of these losses occurred in Q1 alone, driven largely by a devastating $1.5 billion wallet hack at Bybit — the largest single attack recorded so far this year. Other major incidents in the same period included a $230 million contract exploit at Cetus Protocol and a $100 million rug pull targeting LIBRA.

Despite the heavy losses in Q1, Q2 2025 saw a noticeable decline in hack volume, with losses totaling $465 million. Analysts suggest this drop could point to better security implementations across exchanges and DeFi protocols, although delayed incident disclosures may still revise these numbers upward.

“While the dramatic drop in Q2 is encouraging, we’re still seeing billions siphoned from the ecosystem,” said Jordan Major, Finbold market analyst. “The Bybit hack alone accounted for nearly two-thirds of the total losses in H1. These are systemic risks that continue to undermine investor trust.”

The report also highlights lesser-known but significant breaches, including $90 million stolen from Nobitex, $70 million lost at UPCX under still-uncertain circumstances, and multiple contract vulnerabilities in zkLend and Abracadabra Money.

“We’re seeing protocols attacked not just for flaws in code but for weaknesses in access control, governance, and recovery planning. The shift from reactive to proactive defence strategies is long overdue,” added Diana Paluteder, Finbold research analyst.

As crypto adoption continues to accelerate globally, industry leaders are calling for stronger regulatory frameworks, third-party audits, and real-time risk monitoring tools to help prevent future breaches.

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