Crypto Losses Surge 3% in 2025, Reaching $2.47 Billion

Crypto losses in the first half of 2025 reached $2.47 billion due to hacks, exploits, and scams, according to blockchain security firm CertiK. This figure represents a nearly 3% increase compared to the $2.4 billion stolen in 2024. However, when considering the $187 million returned in the first half of 2025, the adjusted total loss is closer to $2.2 billion.

Despite the overall increase in losses, the second quarter of 2025 saw a decline in the number of hacking incidents. Over $800 million was lost across 144 incidents in Q2, marking a 52% decrease in value lost compared to the previous quarter, with 59 fewer hacking incidents reported.

The bulk of the losses in the first half of 2025 can be attributed to two major incidents. The first involved Bybit, where attackers exploited vulnerabilities in the exchange's cold wallet infrastructure, resulting in the theft of $1.5 billion in Ether (ETH) on February 21. The second incident targeted Cetus Protocol, the primary decentralized exchange on the Sui blockchain, which suffered a $225 million hack on May 22. Without these two events, total losses in 2025 would have been significantly lower, at $690 million, indicating that the broader trend may not be as severe as the raw figures suggest.

Phishing attacks have surged in the first half of 2025, accounting for the highest number of security incidents with 132 incidents and $410 million stolen. Wallet compromises were the most costly attack vector, with over $1.7 billion stolen across 34 incidents. CertiK emphasized the importance of strong security habits, such as avoiding unknown links, double-checking domain authenticity, enabling multifactor authentication, and using hardware wallets for key storage.

The Ethereum blockchain was a popular target, accounting for 70 hacks, scams, and exploits in the first half of 2025. Ethereum's dominance in decentralized finance and smart contract activity makes it an attractive target for attackers, with billions of dollars locked in protocols.

Beyond security incidents, the first half of 2025 has seen significant global regulatory and market developments. In the US, reforms at the Securities and Exchange Commission have led to a drop in enforcement actions against crypto firms and the implementation of pro-crypto-related legislation. Meanwhile, the Union's regulatory framework for crypto, MiCA, came into force on December 30, 2024, signaling growing institutional interest and a maturing regulatory environment.

As new capital and participants flow into the crypto space, maintaining rigorous security standards will be crucial. CertiK highlighted the need for the industry to adapt to these developments and ensure that security measures keep pace with the evolving landscape. The firm's report underscores the importance of vigilance and proactive security practices to mitigate the risks associated with crypto hacks and exploits.