According to a new report from blockchain intelligence firm Global Ledger, the cryptocurrency industry has recorded over $3.83 billion in losses from 265 hacking incidents spanning the entirety of 2024 and the first two months of 2025. The alarming pace of attacks in early 2025 - with $1.89 billion already stolen - suggests the year could surpass 2024’s total, despite already being one of the most damaging periods on record.
Much of this year’s loss stems from a single unprecedented breach - the attack on centralized exchange Bybit - which alone accounted for $1.46 billion in damages. Analysts predict that unless infrastructure security improves significantly, such high-impact events could become more frequent, further destabilizing market trust.
Key Targets and Attack Vectors
In 2024, centralized exchanges (CEXs) were the most targeted platforms, responsible for 41.05% of all recorded losses. DeFi protocols followed with 25.36%, while gaming and gambling applications saw a rising share of 14.89%, translating to losses of $288.37 million.
One of the most critical attack vectors was the compromise of private keys - accounting for $930.08 million in losses in 2024 alone. The exploitation of smart contract vulnerabilities was also prominent, contributing to 48% of attack incidents and $369.8 million in damages.
Hacker Laundering Techniques and Infrastructure Flaws
The report forecasts a continuation of complex laundering schemes that make asset recovery increasingly difficult. Mixers and privacy-focused protocols remained the primary tools for concealing stolen funds, processing $763 million, or 39.4% of the illicit total. Additional channels included:
- Transfers to centralized and decentralized exchanges - $206.66 million
- Cross-chain bridges used for asset migration between networks - $84.7 million
Global Ledger identified the inadequate security of critical infrastructure - both centralized and decentralized - as the industry's central unresolved issue. While CeFi platforms accounted for $886.4 million in losses in 2024, nearly double that of DeFi at $560.7 million, both sectors remain highly vulnerable to increasingly sophisticated threats.
Recovery and Response Remain Limited
The report noted that only 8% of the stolen funds - approximately $155.53 million - have been successfully recovered. This low recovery rate underlines the predictive challenge of combating cyber threats in crypto markets and highlights the urgent need for stronger preventive frameworks.
A further complication has been the rise of flash loan-based attacks, which contributed $112.51 million in losses. These exploits often bypass traditional defenses through rapid, high-leverage transactions designed to manipulate liquidity oracles or pricing mechanisms.
Outlook for 2025 and Industry Response
The trends identified by Global Ledger are echoed by recent data from Immunefi, which reported $1.64 billion in losses across 40 major incidents in Q1 2025 alone. Analysts forecast that if this trajectory continues, 2025 could become the worst year in history for crypto-related breaches.
Going forward, cybersecurity is expected to become a core component of project due diligence and investor evaluation. Forecasts suggest that platforms that fail to implement comprehensive audit protocols and off-chain recovery tools will face mounting reputational and operational risks. The crypto sector is now under pressure to evolve - not only to respond to attacks, but to predict and prevent them.
