Massive Crypto Attacks Cause Record-Breaking Losses
Losses caused by fraud, hacks, and exploits reached nearly $1.53 billion in February, with the Bybit hack accounting for $1.4 billion of that total. According to a report by blockchain security firm CertiK, this incident was the largest crypto hack in history.
Excluding the Bybit attack, remaining crypto losses amounted to approximately $126 million, still representing a 28.5% increase compared to January.
Bybit Hack Shatters Previous Records
The February 21st attack on Bybit became the largest crypto hack ever, surpassing the $650 million Ronin Bridge attack in 2022.
🔹 The attack was orchestrated by the North Korean Lazarus Group, as confirmed by the FBI.
🔹 Hackers gained control of Bybit’s wallet and began transferring stolen funds to thousands of addresses across multiple blockchains.
🔹 This was an unprecedented attack, prompting increased security measures and regulatory scrutiny in the crypto space.
Other Major Crypto Hacks in February
Although the Bybit attack was the most significant, it wasn’t the only major exploit in February. Other notable attacks included:
🔸 Infini hack (February 24) – $49 million stolen
A key wallet that had been previously involved in Infini’s smart contract development retained admin privileges.
Hackers used these permissions to drain all Vault tokens.
Infini’s team offered the hacker 20% of the stolen funds in exchange for returning the rest and avoiding legal consequences, but no response has been received.
🔸 ZkLend protocol exploit (February 12) – $10 million stolen
This ranked as the third-largest exploit of February.
Main Causes of Crypto Losses
According to CertiK, the primary reasons for crypto losses in February were:
1️⃣ Wallet compromises – the leading cause of total damages.
2️⃣ Code vulnerabilities – leading to $20 million in losses.
3️⃣ Phishing attacks – resulting in $1.8 million in stolen funds.
Decline in Crypto Attacks Towards Late 2024
Despite the massive losses in February, crypto-related exploits and hacks had been declining in the final months of 2024:
📉 December 2024 recorded the lowest stolen funds – $28.6 million.
📉 November – $63.8 million.
📉 October – $115.8 million.
While February marked a record-breaking month for crypto theft, the overall trend suggests potential stabilization in security measures and improved protection against future cyberattacks. 🚀
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