According to Immunefi’s report, crypto project losses from hacks in February amounted to $1.53 billion, 20 times higher than the previous month ($73.9 million). Compared to last year, losses increased 18 times ($81.6 million).

Excluding the Bybit hack, the industry’s losses totaled just $68.3 million.

The incident became the largest in the history of centralized exchanges, surpassing the attacks on Coincheck in 2018 ($534 million), Mt. Gox in 2014 ($470 million), and FTX in 2022 ($415 million), when funds were withdrawn during the exchange’s bankruptcy proceedings.

Apart from Bybit, DeFi protocols Infini, zkLend, Ionic Money, Cardex, Four.Meme, Cashverse, BankX, and GoldReserve NFT were also hacked.

The Immunefi report did not record any fraud cases.

Earlier, experts from EmberCN estimated that 18% of the stolen funds from Bybit had been laundered by attackers. On the same day, the exchange repaid a 40,000 ETH loan to Bitget.

Cypherpunk Adam Back linked the incident to an incorrect EVM design, while analysts at Sygnia pointed to a vulnerability in Safe’s infrastructure.