Crypto Losses Surge 20x in February

Crypto losses in February 2025 surged by 20 times month-over-month, according to a report by blockchain security platform Immunefi. The total losses for the month reached $1.528 billion, a stark contrast to the $73.9 million registered in January. This figure represents an 18-fold increase from the same period last year, when losses amounted to $81.6 million.

The majority of the February losses, $1.46 billion, were the result of a single hack on crypto exchange Bybit, the largest in crypto history. Stablecoin bank Infini followed with a loss of $49.5 million. Other significant losses included zkLend ($9.5 million), Ionic Money ($8.6 million), and Cardex ($400,000).

Year-to-date, the crypto ecosystem has lost $1.602 billion, an 8-fold increase from the $200 million lost during the same period in 2024. This figure has already surpassed the total losses for 2024, which stood at $1.49 billion.

Hacks remained the primary cause of losses, accounting for 100% of the total losses in February. Centralized finance (CeFi) platforms suffered the majority of these losses, with Bybit's hack representing 95.5% of the total. Decentralized finance (DeFi) platforms accounted for the remaining 4.5% across eight incidents.

BNB Chain and Ethereum were the most targeted chains in February, each suffering four individual attacks. These attacks represented 72.8% of the total losses across targeted chains. Abstract, Mode, and Optimism each suffered one attack.

Immunefi, which paid out over $112 million in total bounties and saved over $25 billion in user funds, launched Magnus, an AI-powered security orchestration platform. The platform unifies security into a single platform, enabling protocols to access, automate, and coordinate best-in-class security tools.