The crypto industry faced another turbulent first half of the year, with $2.24 billion lost to hacks between January and June 2025, according to the Finbold H1 2025 Cryptocurrency Report, citing data tracked by blockchain security firm SlowMist.
The damage was driven by a handful of large-scale incidents, most notably the $1.5 billion Bybit wallet breach, which remains the largest crypto hack of the year so far.
Other major losses included $230 million from a contract vulnerability at Cetus Protocol, a $100 million rug pull at LIBRA, and security flaws exploited at Nobitex ($90M) and UPCX ($70M).
Interestingly, the bulk of the stolen funds were drained in Q1, which saw $1.77 billion in losses. By contrast, Q2 hack volume dropped significantly to $465 million, suggesting improved exchange-level security or attacker fatigue, though it may also reflect a lag in incident reporting.
Bybit accounted for 85% of all Q1 losses
In Q1 alone, the Bybit breach accounted for nearly 85% of losses. Additional incidents involved Infini, which lost $50 million due to a lack of strict access control, and contract exploits at Abracadabra Money ($13M) and zkLend ($9.6M).
While the Q2 slowdown offers some optimism, analysts warn the reprieve may be temporary. The crypto space continues to face systemic vulnerabilities, particularly in DeFi protocols and exchange custody, that leave billions at risk.
The takeaway? Investors and platforms alike must stay vigilant. As the crypto economy matures, security is no longer a feature, it’s a prerequisite.
