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The cryptocurrency market witnessed more than 60 hacks in the first quarter of 2025, resulting in losses of $1.63 billion. This is more than double the $706 million in the same period last year.

According to ImmuneFi, this was the worst quarter in terms of security breaches in cryptocurrency history. The two major incidents, the $1.46 billion hack of Bybit exchange and the $69.1 million attack on FEMEX, accounted for 94% of the total losses.

Centralized exchanges suffered the most damage, with 94% of the losses. Binance’s BNB chain was the most vulnerable blockchain with 19 incidents and Ethereum with 15.

In March alone, 20 hacks occurred, with losses of $33.46 million, the largest of which were the $13 million Abracadabra hack and the $8.32 million attack on Zoth.