Crypto hacks hit $1.5B in 2024; 2025 losses surge fast
Immunefi’s “Crypto Losses in 2024” report says crypto hacks drained $1.495B across 232 incidents, with hacks driving 98.1% of total losses (fraud/scams/rug pulls: 1.9%). The year’s damage was highly concentrated: two mega-hacks—DMM Bitcoin ($305m in May) and WazirX ($235m in July)—accounted for ~36% of 2024 losses.
The report also flags a shift toward CeFi risk. CeFi private-key breaches rose 77.5% YoY to $726.2m across 11 incidents, while DeFi losses fell 44.8% YoY to $769.3m across 221 incidents. Q2 2024 was the worst quarter, with $572.7m lost (May alone: $358.5m), and Ethereum and BNB Chain were the most targeted networks.
For 2025, crypto hacks are accelerating. Losses reached $1.64B by Q1 2025, driven largely by a ~$1.4B Bybit-related hack—already surpassing all of 2024 within three months. Immunefi CEO Mitchell Amador warns that nearly 80% of projects hit by major hacks never fully recover, raising risks for survival, liquidity, and market confidence.
For traders, this is a clear reminder to treat large exchange incidents as systemic signals, not isolated events—expect heightened volatility around ETH/BNB ecosystems and any assets tied to exchanges or hot custody infrastructure.
Bearish
The data shows crypto hacks are not only persistent but also accelerating into 2025, with losses already surpassing all of 2024 within Q1. The concentration of damage in a few mega-exploits and the shift toward CeFi private-key breaches increase the probability of liquidity shocks and sustained volatility, particularly around major networks like ETH and BNB Chain. The “~80% never fully recover” warning implies slower recovery and longer periods of uncertainty, which typically pressures risk sentiment and can weigh on related tokens in the short and medium term.