In a staggering revelation from Web3.0 security firm CertiK, the cryptocurrency sector endured a massive loss of $1.53 billion in February 2025. The most prominent incident contributing to this financial downturn was a remarkable $1.4 billion breach of Bybit, orchestrated by North Korea's notorious Lazarus Group.
This event has now etched its name in history as the largest single hack in the world of cryptocurrency, accounting for an astonishing 91% of the total losses recorded for the month. Even when excluding the catastrophic Bybit incident, losses for February remained alarmingly high, still amounting to $126 million.
This figure signifies a notable incline of 28.5% in losses from January, highlighting an escalating trend of vulnerabilities within the crypto landscape. In addition to the Bybit breach, several other significant incidents exacerbated the situation. Among these was a $49 million loss suffered by the stablecoin payment company Infini, attributed to a suspected exploit related to vulnerabilities in administrative privileges.
Furthermore, the ZkLend protocol faced a security breach resulting in a theft of $10 million. The analysis provided by CertiK sheds light on the principal factors behind the staggering losses suffered this month. The major causes identified include wallet leaks, which have become increasingly common, alongside code vulnerabilities that contributed an estimated $20 million to the losses.
Phishing attacks, a persistent threat in the crypto space, also accounted for an additional $1.8 million in losses, underscoring the need for heightened security measures and vigilance in the industry as it continues to evolve in complexity and scale..