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   Over $1.5 billion of crypto was lost to scams or theft in just three months    
   of 2025   
      
   Date:   
   Wed, 02 Apr 2025 18:36:10 +0000   
      
   Description:   
   Most of the money was lost in a single incident - the major ByBit hack.   
      
   FULL STORY   
      
   When it comes to scams and theft, crypto hasnt had a great year so far. Just   
   in the first quarter of the year, hackers stole more than $1.67 billion    
   across 197 security incidents. This is according to a new report published by   
   blockchain cybersecurity pros CertiK.    
      
   The Q1 2025 Hack3d Report says the figure represents a 303.38% increase in   
   value compared to the previous quarter. Across the industry, the average loss   
   per incident was $9,549,339, CertiK further said, while the median loss per   
   incident was $66,303.    
      
   The total value of funds returned was $6,390,698, leading to adjusted total   
   losses of $1,662,600,186 for the quarter. Sadly enough, just 0.4% of stolen   
   funds were returned to customers, but thats basically how blockchain works,   
   since most transactions are irreversible.    
      
   Wake-up call    
      
   Without a wider context, these figures could be a bit misleading, though.   
   Almost all of the money stolen fell on just one incident - the ByBit hack in   
   late February 2025 .    
      
   ByBit, a major cryptocurrency exchange, lost $1.5 billion in Ethereum , in an   
   attack that was attributed to North Korea's state-sponsored Lazarus Group.    
   The hackers infiltrated Safe{Wallet}'s infrastructure, injecting malicious   
   JavaScript that deceived ByBit's security team into approving unauthorized   
   transactions.    
      
   Lazarus is one of the worlds most infamous threat actors, deploying enormous   
   state resources to steal cryptocurrencies, which are then used to fund the   
   governments state apparatus and its weapons program.    
      
   Hackers are using increasingly sophisticated techniques, and it is now more   
   important than ever for blockchain businesses and projects to proactively   
   invest in robust security measures, said CertiK Co-Founder Ronghui Gu. The   
   Bybit breach is a wake-up call for the entire industry. Security is not    
   simply a competitive edge - it is a shared responsibility.    
      
   The most costly attack vector is wallet compromise, followed by private key   
   compromise, code vulnerability, and phishing.   
      
   ======================================================================   
   Link to news story:   
   https://www.techradar.com/pro/security/over-usd1-5-billion-of-crypto-was-lost-   
   to-scams-or-theft-this-year   
      
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