David Edwards
Losses from cryptocurrency hacks, scams, and exploits surged to $1.53 billion in February, marking a 1,500% increase from January’s $98 million, according to blockchain security firm CertiK. The dramatic rise was primarily driven by the record-breaking $1.4 billion hack of Bybit, allegedly orchestrated by North Korea’s Lazarus Group.
Bybit Hack Becomes Largest in Crypto History
The February 21st attack on Bybit now holds the record as the largest cryptocurrency hack ever, surpassing the $650 million Ronin Bridge exploit from March 2022—an incident also linked to Lazarus. The hackers reportedly gained control of a Bybit storage wallet, prompting an FBI investigation that confirmed North Korea’s involvement. The stolen funds were rapidly dispersed across multiple blockchains.
Other Major Crypto Heists in February
While the Bybit hack dominated headlines, additional security breaches compounded February’s losses:
- Infini Stablecoin Payment Hack ($49M) – On February 24, hackers targeted Infini, exploiting admin privileges to redeem all Vault tokens. The compromised wallet had previously been involved in the platform’s development.
- ZkLend Lending Protocol Hack ($10M) – On February 12, hackers drained $10 million from ZkLend in the third-largest exploit of the month.
CertiK’s report underscored the risks of wallet compromises as the leading cause of losses, followed by code vulnerabilities ($20M lost) and phishing scams ($1.8M lost).
Declining Crypto Thefts in Late 2024
Despite the sharp increase in February, CertiK noted that crypto-related losses had been trending downward in the final months of 2024. December saw the lowest amount stolen, at $28.6 million, compared to $63.8 million in November and $115.8 million in October.
Hacker Negotiations and Unresolved Cases
In an unusual twist, Infini offered its attacker a 20% bounty if the remaining funds were returned, promising no legal consequences. However, with the 48-hour deadline expired, the hacker’s wallet still holds over 17,000 ETH ($43M), according to Etherscan.
With crypto thefts reaching new records, the urgency for enhanced blockchain security measures and exchange safeguards has never been higher
