Crypto Catastrophe: February’s $1.5B Losses Leave Investors in Tears! 😂💸

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Ah, February 2025, a month that shall be remembered not for its romance, but for the staggering sum of $1.53 billion in crypto losses—a veritable feast of financial folly! This figure, an 18-fold increase from the previous year, was largely attributed to the infamous Bybit hack, which alone accounted for a staggering $1.46 billion. One might say, “What a way to celebrate the month of love!”

Indeed, the crypto realm was drained of $1.53 billion in February 2025, an 18x leap from the previous year, with the Bybit hack leading the charge. This unfortunate event pushed the total losses for the year to a staggering $1.6 billion, already eclipsing the entirety of 2024, as reported by the ever-watchful Immunefi.

In a rather enlightening research report, Immunefi elucidated that the majority of February’s losses stemmed from just two incidents: the Bybit exchange, which lost a jaw-dropping $1.46 billion, and the stablecoin bank Infini, which suffered a mere $49.5 million hack. The remaining losses were scattered like confetti across seven smaller attacks, with zkLend and Ionic Money losing $9.5 million and $8.6 million, respectively. One could almost hear the collective sigh of despair from investors everywhere!

“In February 2025, CeFi accounted for 95.5% of the total losses with a single incident, while DeFi, which experienced 8 cases, accounted for the remaining 4.5% of the total volume of funds lost.”

— Immunefi

February’s losses surged 20x from January’s modest $73.9 million, a clear indication of the growing menace of security breaches. Centralized finance platforms bore the brunt, accounting for 95.5% of total losses due to a single catastrophic attack, while decentralized finance protocols, with their eight incidents, managed to scrape together a mere 4.5% of the losses. Oh, the irony!

According to Immunefi, hacks “continued to be the predominant cause of losses compared to fraud.” Who would have thought that the digital age would bring such delightful chaos?

“In February 2025, hacks continued to be the predominant cause of losses compared to fraud, accounting for 100% of the total losses.”

— Immunefi

The most targeted blockchains were none other than BNB Chain and Ethereum, each suffering four attacks, which collectively accounted for a staggering 72.8% of total losses. Other unfortunate chains, such as Abstract, Mode, and Optimism, each fell victim to a single attack, as the data reveals.

As reported by crypto.news, the Bybit attacker has already laundered over 266,300 ETH (approximately $614 million) in the past five days, averaging a staggering 48,420 ETH per day. At this rate, one can only wonder how long it will take to launder the remaining 233,086 ETH—perhaps another five days? The suspense is palpable!

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2025-02-28 12:02