crypto losses in first half 2025 hit $2.5 billion despite decline in hacks

The cryptocurrency sector has suffered crypto losses in first half 2025 totaling a staggering $2.5 billion, according to a new report from blockchain security firm CertiK. While the second quarter saw a drop in hacking incidents, phishing attacks and two massive breaches dominated the financial toll.

Hacks decline, but losses remain alarmingly high

CertiK’s mid-year security report reveals that crypto losses in first half 2025 reached $2.47 billion across various exploits, scams, and hacks. Despite a 52% drop in stolen funds during Q2—down to $800 million from 144 incidents—the overall losses still surpassed last year’s figures by nearly 3%.

The adjusted total, accounting for $187 million in recovered funds, sits closer to $2.2 billion. While the decline in hacks suggests some improvement in security measures, the sheer scale of crypto losses in first half 2025 underscores persistent vulnerabilities in the ecosystem.

Two major breaches account for bulk of losses

A deeper dive into the data shows that two incidents alone were responsible for $1.78 billion of the total crypto losses in first half 2025.

• Bybit’s $1.5 billion cold wallet exploit (February 21): Attackers infiltrated the exchange’s secure storage, siphoning off Ethereum (ETH) in one of the largest crypto breaches ever.

• Cetus Protocol’s $225 million hack (May 22): The Sui-based decentralized exchange fell victim to a smart contract exploit, draining user funds.

“Without these two events, total losses would have been just $690 million,” CertiK noted, suggesting that while headline figures are alarming, the broader security landscape may not be deteriorating as sharply as it appears.

Phishing attacks surge, Ethereum remains a prime target

While wallet breaches caused the most financial damage, phishing scams were the most frequent threat. The first half saw 132 phishing incidents, resulting in $410 million stolen.

CertiK warned that attackers are growing more sophisticated, using deceptive links and fake domains to trick users. “Adopting strong security habits—like verifying URLs, enabling multi-factor authentication, and using hardware wallets—is crucial,” the firm advised.

Ethereum, the backbone of decentralized finance (DeFi), faced 70 attacks—fewer than in Q1 but still significant. “With billions locked in its protocols, Ethereum remains a prime target,” CertiK stated.

Regulatory shifts and the push for stronger security

Beyond crypto losses in first half 2025, the report highlights major regulatory changes that could shape the industry’s future:

• U.S. SEC reforms: Under President Trump, the agency has softened its stance, dropping several crypto-related enforcement actions.

• Hong Kong’s Stablecoin Bill: Passed to create a regulated framework for stablecoins.

• MiCA enforcement: The EU’s Markets in Crypto-Assets regulation took effect in December 2024, bringing stricter oversight.

“Growing institutional interest demands even stronger security standards,” CertiK emphasized.

The road ahead: Can crypto security improve?

The crypto losses in first half 2025 reveal a mixed picture. While fewer hacks occurred in Q2, phishing scams and high-value breaches continue to plague the industry.

Experts stress that exchanges and DeFi platforms must prioritize audits, real-time monitoring, and user education to curb future losses. As adoption grows, so does the incentive for attackers, making security a top priority for the rest of the year.

For now, the $2.5 billion question remains: Will the second half see a further decline in crypto losses in first half 2025, or will new threats emerge? Only time—and tighter safeguards—will tell.