In the first quarter of 2025, the crypto sector faced a staggering loss of 1.64 billion USD due to 39 hacking incidents, significantly rising from 348.25 million USD in Q1 2024. Notably, two major hacks at Bybit and Phemex were responsible for the majority of these losses.

Overall, the loss represented a 390% surge over the prior year, exacerbated by the notorious Lazarus Group, which accounted for a staggering 94% of the total amount lost. This incident shows a significant shift in security threats faced by the crypto industry.