Crypto Thefts Hit $1.5 Billion in February, Led by Record-Breaking Bybit Hack

The crypto industry suffered nearly $1.53 billion in losses from scams, exploits, and hacks in February, according to blockchain security firm CertiK. The bulk of these losses came from the $1.4 billion Bybit hack, marking the largest crypto heist in history.

The attack, attributed to North Korea’s Lazarus Group, surpassed the $650 million Ronin bridge hack of March 2022, which was also linked to the same group. CertiK’s report highlighted a 1,500% increase in losses from January’s $98 million, signaling a growing threat to crypto security.

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Bybit Hack Becomes Largest Crypto Breach Ever

The Feb. 21 attack on Bybit saw hackers gain control of a storage wallet, enabling them to siphon off funds on an unprecedented scale.

Following the breach, the FBI confirmed North Korea’s involvement, stating that the stolen crypto had been converted and dispersed across thousands of addresses on multiple blockchains. Bybit has yet to disclose the full extent of the damage or how it plans to recover the stolen funds. Even excluding Bybit’s losses, February still saw over $126 million stolen, a 28.5% increase from January.

Other Major February Hacks: Infini and ZkLend Targeted

While the Bybit hack dominated headlines, several other high-profile incidents contributed to the month’s staggering losses.

• Infini Hack – $49 Million Stolen (Feb. 24): Hackers targeted stablecoin payment firm Infini, exploiting admin privileges to redeem and steal $49 million worth of digital assets. CertiK’s investigation revealed that a key wallet used in the attack had previous ties to Infini’s smart contract development, raising concerns about insider vulnerabilities.
  
  The Infini team later offered the hacker a 20% cut of the stolen funds in exchange for returning the rest and avoiding legal consequences. The hacker has yet to respond, and over 17,000 ETH ($43M) remains in the attacker’s wallet, according to Etherscan.
  
• ZkLend Hack – $10 Million Stolen (Feb. 12): Decentralized lending protocol ZkLend was the third-largest victim of the month, losing $10 million in a targeted exploit.
  

According to CertiK, the primary causes of February’s crypto losses were wallet compromises, followed by code vulnerabilities ($20M in losses) and phishing attacks ($1.8M stolen).

Rising Crypto Thefts Signal Security Concerns

The surge in February’s crypto-related thefts comes after a period of declining losses at the end of 2024. December losses were lower than the previous two months, coming to a total of $28.6 million. November and October losses were recorded at $63.8 million and $115.8 million respectively. This is a noticeable drop compared to last month’s losses of $1.53 billion.

As the sophistication of attacks increases, experts caution that users of crypto platforms need greater security. The Bybit breach, for instance, brings to light the dangers of failing to secure a wallet and the loss of value from such events. These disasters measure the extent of the harm that can be inflicted by insiders and other people with excessive privileges.