Crypto projects have experienced the worst quarter in history in terms of losses and damages from hacker attacks, according to a report by Immunefi.

In Q1 2025, cybercriminals stole $1.64 billion across 40 incidents—4.7 times more than the same period last year, when losses totaled $348.3 million.

The biggest blow was suffered by the Bybit exchange, which lost $1.46 billion in a February hack. The attack is suspected to have been carried out by the North Korean Lazarus Group.

Decentralized platforms were also affected, with 38 out of 40 attacks targeting DeFi projects. However, total losses in the sector amounted to just $106.8 million, 69% less than a year ago. Among the affected projects were Infini, Abracadabra Finance, and zkLend.

Efforts to recover stolen funds saw only partial success, with just $6.5 million—or 0.4% of the stolen assets—retrieved. A year ago, the recovery rate was 21.2%.

BNB Chain was the most targeted network in Q1, experiencing 19 attacks, followed by Ethereum with 15 incidents.

Immunefi highlighted that the majority of losses were concentrated on centralized exchanges, which remain a prime target for hackers.

The company continues its bug bounty program, having paid over $112 million to security researchers and ethical hackers, helping to secure $25 billion in user funds.

On March 21, hackers attacked the real-world asset (RWA) restaking protocol Zoth, causing approximately $8.4 million in crypto losses.