The crypto industry continues to face serious security challenges. In the first half of 2025, losses from hacks and fraud reached over $3.1 billion.
Dominance of Access-Control Vulnerabilities
According to Hacken’s latest report, 2025 has emerged as one of the most damaging years for the crypto industry. Losses exceeded $3.1 billion, surpassing last year's figures by over 6%. Hacken Co-Founder Yevheniia Broshevan stated, "2025 has been a wake-up call. In just two quarters, $3.1 billion was lost to access control failures and DeFi vulnerabilities." The largest incident, the Bybit hack in Q1, resulted in nearly $1.5 billion stolen.
DeFi Struggles Faced the Worst Quarter Since 2023
DeFi platforms were hit the hardest, losing $300 million in Q2 alone, marking the worst performance since early 2023. Smart contract flaws played a crucial role in these losses. Many users fell victim to a single phishing incident in April, which saw a $330 million loss in Bitcoin.
Increase in Fraud Schemes
Despite under $200 million lost to hacks in Q2, the number of fraud and phishing incidents surged to record levels. Reports indicate significant losses due to social engineering tactics, highlighting the vulnerability of users to such schemes.
Thus, the first half of 2025 brought significant financial losses to the crypto industry due to security oversights and fraud schemes. These events underline the necessity for improved security measures and user awareness of potential risks.
