In the first quarter of 2025, over $2 billion was lost to cryptocurrency hacks, with $1.63 billion specifically due to access control exploits. A significant portion of those losses stemmed from the $1.4 billion hack of the crypto exchange Bybit, attributed to North Korean hackers. This surge in hack-related losses contrasts sharply with the total $2.25 billion lost throughout 2024. Hacken, a crypto cybersecurity firm, emphasized the need for robust security measures across all aspects of digital asset management to prevent such destructive exploits. Notably, scams also accounted for significant losses, with phishing schemes resulting in $96.37 million and rug pulls totaling $300 million. The professionalization of scam networks was highlighted as a concerning trend, with highly organized operations leveraging startup-like efficiency. Most current crypto losses can be traced to operational failures and access control weaknesses rather than just smart contract vulnerabilities.

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