Immunefi Reports February Crypto Losses of $1.53 Billion Due to Bybit Hack

Cryptocurrency projects suffered losses of $1.53 billion from hacks in February, a figure 20 times greater than the previous month’s $73.9 million, according to a report by Immunefi.

Compared to the previous year, this figure has surged 18-fold from $81.6 million.

Excluding the Bybit hack, the crypto industry’s losses in February amounted to just $68.3 million.

The incident surpassed the three largest attacks on CEX, including Coincheck in 2018 ($534 million), Mt. Gox in 2014 ($470 million), and FTX in 2022 ($415 million), when $415 million was siphoned off while the exchange was undergoing bankruptcy proceedings.

The remaining losses were due to hacks of DeFi protocols Infini, zkLend, Ionic Money, Cardex, Four.Meme, Cashverse, BankX, and GoldReserve NFT.

No cases of fraud were recorded.

Earlier, EmberCN specialists estimated that 18% of the funds stolen from Bybit were laundered by the perpetrators. On the same day, the exchange returned a loan of 40,000 ETH to Bitget.

Previously, cypherpunk Adam Back linked the incident to “improper EVM design.”

Later, Sygnia analysts reported that the cause was a vulnerability in the Safe infrastructure.