Crypto Losses Surge to $1.53 Billion in February
1min read Crypto losses from exploits, scams, and hacks surged to nearly $1.53 billion in February, with the $1.4 billion Bybit hack accounting for the majority of the losses, according to blockchain security firm CertiK. The Feb. 21 attack on Bybit by North Korea's Lazarus Group was the largest crypto hack to date, more than doubling the $650 million Ronin bridge hack in March 2022, which was also attributed to Lazarus.
Excluding Bybit's losses, the remaining crypto losses in February totaled over $126 million, still a significant 28.5% increase from January's $98 million. Bybit had the largest loss in February, followed by stablecoin payment firm Infini and decentralized money lending protocol ZkLend. Bybit confirmed that attackers took control of a storage wallet, and the FBI later attributed the attack to North Korea, which began converting and dispersing the stolen crypto across multiple blockchains.
The second most significant incident in February was the Feb. 24 hack on Infini, which resulted in a $49 million loss. CertiK reported that a key wallet used in the attack had previously been involved in developing Infini contracts and retained admin rights, highlighting a major vulnerability in the platform's security. The Infini team offered the hacker a chance to keep 20% of the stolen funds and avoid legal consequences if the remainder was returned, but the hacker has not yet accepted the offer.
ZkLend suffered the third-largest exploit in February, losing $10 million to hackers on Feb. 12. CertiK reported that wallet compromises were the top category for losses in February, followed by code vulnerabilities and phishing. Despite the recent surge in crypto losses, the overall trend was declining in the final days of 2022, with December registering the smallest amount stolen at $28.6 million.
