February 2025 has gone down as the worst month in crypto history in terms of financial losses. According to blockchain security firm PeckShieldAlert, 20 different hacks resulted in a staggering $1.51 billion in stolen funds.
The largest breach came from Bybit, where hackers managed to steal $1.43 billion, making it the biggest crypto hack in the past five years.
$1.51 Billion Lost in 20 Hacks
Other platforms also suffered significant losses. Infini was hit with a $49.5 million exploit, zkLend lost $9.66 million, Ionic faced an $8.6 million attack, and sujiYan reported $4 million in stolen assets.
These figures paint a grim picture for the industry, as 2025’s total losses are already approaching last year’s $2.2 billion mark.
Bybit Hack Linked to North Korea’s Lazarus Group
The attack on Bybit, which unfolded last week, was the most devastating crypto breach in history. Hackers stole over $1.4 billion in Ethereum and related assets. Investigators have now linked the exploit to the North Korean state-sponsored Lazarus Group.
Reports suggest that the criminals managed to take control of an Ethereum cold wallet during what should have been a routine transfer operation.
Security experts believe the scale and complexity of the attack indicate highly skilled actors with deep knowledge of crypto exchange operations.
Blockchain security firm Immunefi noted that total losses in 2025 so far have hit $1.6 billion. This marks an eightfold increase compared to the same period in 2024 when losses stood at just $200 million.
The firm also highlighted that February’s losses were 20 times higher than those recorded in January, when hackers stole $73.9 million.
Market Sentiment Turns Bearish
The impact of the Bybit hack has spread beyond the exchange itself. Investor confidence in the broader cryptocurrency market has taken a significant hit.
Investment platform eToro reported that sentiment has become increasingly cautious, with many traders worried about the security of their assets.
This shift is evident in the Crypto Fear and Greed Index, which measures investor sentiment. The index dropped sharply from a neutral level of 55 to just 21, indicating extreme fear.
The dramatic decline suggests that traders are pulling back from the market, fearing further attacks or instability.
Also Read: Founder of Mask Network Suji Yan Suffers Major Crypto Hack, Loses $4 Million In Stolen Assets
Bitcoin Takes a Hit
Bitcoin has not been spared from the fallout. The world’s largest cryptocurrency has crashed by nearly 20% in the past month.
Analysts point to a combination of factors driving this decline, including the weakening influence of the “Donald Trump effect” on financial markets, outflows from exchange-traded funds, and the shock of the Bybit hack.
With trust in centralized exchanges shaken, some investors are shifting funds to self-custody wallets or exiting the market entirely.
The longer-term impact remains uncertain, but the recent developments suggest that confidence will take time to rebuild. The Bybit hack exposed vulnerabilities in the crypto industry, leading to historic financial losses and heightened fear among investors.
As the industry grapples with these setbacks, investors and exchanges alike will need to adapt to an increasingly complex and risky environment.
Also Read: Bybit Hackers Convert $480M In Stolen ETH To Bitcoin Via ThorChain, Developers Facing Resistance