A recent Finbold report highlights that crypto hacks resulted in over $1.77 billion in losses during the first quarter of 2025.
This figure signifies a potentially record-breaking year for digital asset theft.
Finbold’s Q1 2025 Cryptocurrency Market Report, compiling data from blockchain security firm SlowMist, details these substantial losses.
Bybit Hack Accounts for Majority of Stolen Funds
Notably, a single security breach is responsible for nearly 85% of the total value stolen.
In February 2025, attackers stole approximately $1.5 billion worth of Ethereum (ETH) from a Bybit cold wallet.
The scale of this Bybit incident alone surpasses the total cryptocurrency theft of $1.38 billion in the first half of 2024.
It is also three times greater than the $452 million stolen in the first quarter of 2023, setting a concerning trend for 2025.
Libra Rug Pull Implicates Argentinian President
Despite the financial scale of the Bybit hack, the Libra (LIBRA) rug pull emerged as a highly controversial event during the quarter.
This incident resulted in roughly $100 million in losses and involved Argentinian President Javier Milei.
In early 2025, President Milei promoted LIBRA and its blockchain as a national investment opportunity.
Although he may not have directly organized the scam, he has not apologized for his promotion, even after the project collapsed.
Dave Portnoy, founder of Barstool Sports, also endorsed LIBRA and reportedly lost over $5 million when its value plummeted.
Infini Hack Exploits Developer Backdoor
Infini, a Hong Kong-based stablecoin neobank, experienced a $50 million loss in late February.
Attackers exploited administrative access that a developer had improperly retained.
This developer, reportedly involved in the initial contract development for Infini, allegedly kept unauthorized privileges.
Tornado Cash, a cryptocurrency mixer, subsequently laundered the funds.
Contract Vulnerabilities Lead to Further ETH Losses
Other significant cryptocurrency thefts during the quarter, ranking as the fourth and fifth largest by value, exploited smart contract vulnerabilities.
In late March, a flaw in Abracadabra Money’s smart contracts allowed an attacker to steal 6,262 ETH, valued at approximately $13 million at the time, from a liquidity pool.
Earlier in February, a rounding error in zkLend enabled another attacker to drain 3,600 ETH, worth $9.6 million.
Reported Figures Likely Underestimate Total Losses
Finbold’s Q1 2025 Cryptocurrency Market Report only includes incidents with known financial values.
Therefore, the actual total amount of cryptocurrency stolen during the quarter is likely higher than the reported $1.77 billion.
Also Read: Cryptocurrency Market Under Pressure as Ethereum Value Drops
