The crypto market witnessed over 60 crypto hacks in Q1 resulted in $1.63 billion in losses, more than doubling from $706 million a year earlier.

Crypto hacks in the first quarter of 2025 resulted in more than $1.6 billion in losses, making it the worst quarter for crypto security breaches to date, per data from Immunefi’s latest research report.

Data from PeckShield also shows that crypto losses from hacks in Q1 more than doubled from $706 million in Q1 2024.

Most of the losses in Q1 came from two major incidents: a $1.46 billion exploit at Bybit and a $69.1 million attack on Phemex. As analysts at Immunefi note, the two major exploits of the quarter “totaled $1.52 billion alone, accounting for 94% of all losses in Q1.”

“The sheer scale of the Bybit and Phemex attacks, totaling $1.5 billion, shows how state-backed actors are arguably the most pressing threat to our industry. Their success in breaching renowned, battle-tested platforms is a reminder of the need for security measures that protect the entire stack and help projects prevent catastrophic attacks before they happen.”

Immunefi

Centralized exchanges suffered the most as they accounted for 94% of total losses, while attacks on decentralized finance accounted for just 6%. Binance’s BNB Chain (formerly Binance Smart Chain) was the most exploited blockchain, suffering 19 separate incidents, followed by Ethereum with 15, the data shows.

March alone saw 20 hacks, resulting in $33.46 million in losses, with the largest incidents included a $13 million exploit at Abracadabra.money and an $8.32 million attack on Zoth.