Losses in 2025 so far are four times greater than the $420 million lost during the same period last year.
Digital assets have now firmly entered the mainstream, with institutional investments and a crypto-friendly president in the White House.
But for hackers and scammers, 2025 is proving to be extremely “profitable.”
Crypto users have lost over $1.7 billion just since the beginning of the year — a 14% increase over the total losses for all of 2024, which amounted to $1.49 billion, according to blockchain security firm Immunefi. For comparison, losses during the same period last year were $420 million.
The report comes amid growing concerns about the vulnerabilities of decentralized networks (DeFi) and the broader crypto sector.
The total sum so far is heavily skewed by the theft of $1.4 billion in Ethereum and Ethereum-linked assets from the Bybit crypto exchange — the largest hack in the industry’s history.
DeFi Is the Primary Target
In recent months, the DeFi sector has taken the hardest hits. In April alone, hackers stole $92.4 million from decentralized networks across 15 separate incidents, Immunefi reports.
Decentralized finance (DeFi) aims to automate traditional financial services like banking and lending. But these applications are new, experimental, and known for their vulnerability to cybercriminals.
Earlier this month, the open DeFi platform UPCX suffered an attack in which $70 million in digital tokens were stolen. Just two weeks later, $7.5 million were taken from KiloEx, a decentralized perpetual futures exchange.
DeFi Is Becoming Safer—But Only for Some
Immunefi’s founder and CEO, Mitchell Amador, told Decrypt that while “DeFi still operates in one of the most hostile environments for software,” the space is becoming more secure for established projects.
Overall, when we talk about established projects, we can say that DeFi is becoming safer,
he said.
The maturity of the modern security stack is much better than what we saw two or three years ago, making it harder for hackers to exploit vulnerabilities.
Top Targets: Ethereum and BNB Chain
Immunefi’s report also states that in April, the most targeted blockchain networks were Ethereum and BNB Chain. Together, they accounted for 60% of all losses across blockchains.
Conclusion:
While cryptocurrencies are gaining institutional legitimacy and political support, the threats are not diminishing—they are escalating. Billion-dollar hacks, insecure protocols, and decentralized networks vulnerable to attack remain a major challenge for the industry.
If the trend continues, 2025 could become the worst year in crypto history in terms of hacks and fraud losses.
Frequently Asked Questions
Find answers to the most common questions below.
According to Immunefi, more than $1.7 billion has been lost to hacks and fraud since the beginning of the year - 14% more than total losses for 2024.
Ethereum and BNB Chain are the most frequent targets of hackers, together accounting for 60% of losses in April.
DeFi apps are new and experimental, often with vulnerabilities in smart contracts, making them a preferred target for hackers and scammers.
This article is for general informational purposes only and is not intended to be, and should not be construed as, legal or investment advice. Crypto-assets are highly volatile, so only invest funds that you are willing to lose and use your own research and risk management.
