Cryptocurrency investors around the world lost a total of $1.67 billion U.S. to thefts perpetrated by hackers during this year’s first quarter.
Blockchain security firm CertiK has revealed that crypto hacks in the first quarter rose 303% from the fourth and final quarter of 2024.
The $1.67 billion U.S. worth of crypto that was stolen in the first quarter was two-thirds of the total amount stolen in all of 2024, notes CertiK.
That said, the majority of the first quarter crypto losses can be attributed to the $1.45 billion U.S. attack perpetrated on crypto exchange Bybit that is based in Dubai, United Arab Emirates.
Beyond the massive Bybit crypto exchange hack, there were 197 hacking incidents in the first three months of this year, with 98 of them targeting Ethereum (ETH).
The two largest hacks following Bybit were the $71 million U.S. Phemex heist that occurred in January and the $49.5 million U.S. theft at crypto bank Infini.
Phishing attacks, which involve stealing a person’s login credentials to access their digital wallets and crypto accounts, remains the preferred method of hackers, accounting for 81 incidents in the first quarter.
As worrisome as the thefts themselves is the fact that less than 1% of the stolen crypto in the first quarter has been returned, compared to 42% in the previous quarter, said CertiK.
Bitcoin, the biggest cryptocurrency by market capitalization, is currently trading at $84,650 U.S.
