April 2025 has proven to be a challenging month for the crypto industry, with a staggering $92.5 million in losses reported from 15 separate hacking incidents. This marks a significant increase of 27.3% compared to the same period last year when losses amounted to $72.6 million. The figure for April 2025 alone is more than double the total losses recorded in March of the same year, which stood at $41.4 million.
A recent report from the blockchain security platform, Immunefi, reveals that the year-to-date total has already reached a staggering $1.74 billion. This already surpasses the full-year total for 2024, which at $1.49 billion was considered the worst year on record for crypto-related hacks. It’s a stark reminder of the volatility and risks involved in the burgeoning industry, as the figure represents a fourfold increase from the $420 million recorded during the same period last year.
Of the losses reported in April, the lion’s share of the damage can be attributed to two significant incidents. Blockchain payments platform UPCX was the most heavily affected, suffering a blow of $70 million. Following this, decentralized exchange KiloEx reported losses of $7.5 million. Other platforms, including Loopscale, ZKsync, and Term Labs, reported losses ranging from $1.5 million to $5.8 million.
Interestingly, the report highlighted that all the attacks were exploits, making hacks, rather than fraud, the leading cause of losses. Furthermore, no centralized platforms were targeted in these incidents. The players affected were exclusively from the Decentralized Finance (DeFi) sector.
When it comes to targeted blockchain networks, Ethereum and BNB Chain emerged as the most frequent victims, accounting for 60% of the total number of incidents. Ethereum recorded five incidents, while BNB Chain experienced four.
While April was indeed a grim month, the first quarter of 2025 has not been kind to the crypto industry either. The most significant incident was the Bybit hack, where malicious actors exploited a vulnerability in the exchange’s hot wallet infrastructure to steal a whopping $1.46 billion. Other platforms such as Infini and zkLend also reported substantial losses due to hacking incidents.
These figures underscore the pressing need for improved security mechanisms and robust infrastructure within the crypto industry. As the sector continues to mature and attract more participants, it is crucial to address these vulnerabilities to ensure a safe and secure environment for all users.
