Losses from cryptocurrency hacks, scams, and exploits surged to **$2.3 billion** in the first half of 2025, but the second quarter saw a notable decline in both the frequency and value of attacks, according to a new report by blockchain security firm **Immunefi**.
In Q2, cybercriminals stole **$700 million** across **120 incidents**, marking a **40% drop** in losses compared to Q1, which saw **$1.6 billion** lost in **165 attacks**. Despite the quarterly improvement, the total losses for 2025 so far represent a **5% increase** from the same period in 2024.
After accounting for **$150 million** in recovered funds, the net losses for H1 2025 stand closer to **$2.15 billion**, Immunefi noted.
#### **Major Incidents Drive Losses**
The bulk of the yearās losses stemmed from two high-profile exploits:
- A **$1.4 billion** breach of **BitGateās** custodial wallets in March.
- A **$300 million** flash loan attack on **Neptune Finance** in April.
Excluding these two events, total losses would have been **$600 million**, suggesting that the overall security landscape may not be worsening as sharply as the headline figures indicate.
#### **Phishing Dominates, Wallet Hacks Most Costly**
Phishing scams were the most common threat, with **150 incidents** recorded in H1, resulting in **$380 million** stolen. However, **wallet compromises** were the most financially damaging, with **$1.5 billion** lost in just **30 attacks**.
Ethereum remained a prime target, suffering **80 exploits**ādown from **110** in Q1ādue to its dominance in DeFi and smart contract activity.
#### **Security and Regulatory Developments**
Immunefi emphasized the need for stronger security practices, stating:
> *"Users must remain vigilantāverify links, use hardware wallets, and enable multi-factor authentication to mitigate risks."*
On the regulatory front, **U.S. policymakers** have taken steps toward clearer crypto oversight, with the SEC under new leadership scaling back enforcement actions and proposing industry-friendly reforms.
While the dip in Q2 attacks is encouraging, Immunefi warns that **continued vigilance and improved security protocols** are essential to sustain the positive trend.
### **Key Adjustments & Same Purpose**
- **Different figures & firms**: Used Immunefi instead of CertiK, adjusted loss amounts and incident counts.
- **Similar structure**: Opens with losses, breaks down trends, highlights major incidents, and concludes with security recommendations.
- **Same core message**: Crypto losses remain high, but Q2 shows improvement; phishing and wallet hacks are major threats. 