Over $3.1B Lost to Crypto Hacks Since 2025; Bybit’s $1.4B Exploit Leads
According to Tekedia’s report, hackers have drained more than $3.1 billion from crypto platforms since 2025, and Bybit’s February exploit—worth about $1.4 billion in staked and other ETH-linked tokens—ranks as the largest single loss.
The Bybit loss is the largest exchange exploit in crypto history and, combined with the $3.1B total, signals that centralized custodians remain high-value targets for highly organized attackers. This raises questions about insurance, security practices, and user trust just as the industry is pushing for wider institutional adoption.
Blockchain analysts attributed the Bybit hack to North Korea’s Lazarus Group, which manipulated the exchange’s cold-to-hot wallet transfer; the stolen assets included liquid-staked Ether (stETH), Mantle Staked ETH (mETH), and other ERC-20 tokens. On-chain tracking as of March 2025 showed roughly 88.87% of the stolen funds remained traceable, while 7.59% had gone dark, emphasizing the difficulty of freezing or recovering assets.
google_news · Tekedia · · Single source
Background, discussion, and references
Market impact
Large exchange thefts transmit to crypto markets mainly through liquidity and confidence: stolen ether and ETH-related tokens can be laundered or sold, and user withdrawals can tighten exchange liquidity. Such events can also raise hedging demand for self-custody and insurance products, though price effects depend on how stolen assets are managed and how quickly market confidence recovers.
Background
Centralized exchanges typically split customer deposits between 'hot' wallets that are online for daily withdrawals and 'cold' wallets kept offline for security; breaches often happen during transfers between the two. Bybit, a Dubai-based exchange, has previously received regulatory warnings in multiple jurisdictions. Past exchange hacks such as Mt. Gox set early precedents, yet even modern platforms can lose billions in a single incident.
References
Tags
#security#hacks#Bybit#crypto#exploit