Biggest Crypto Heist in History
Losses from crypto-related scams, exploits, and hacks reached an alarming $1.53 billion in February, according to blockchain security firm CertiK. A staggering $1.4 billion of this total stemmed from the Bybit hack, making it the dominant event of the month.
Bybit Hack: The Largest Crypto Heist in History
On February 21, hackers linked to North Korea’s Lazarus Group infiltrated Bybit, executing what is now the largest crypto hack ever recorded. This breach more than doubled the infamous $650 million Ronin Bridge exploit from March 2022—another attack attributed to Lazarus.
Bybit later confirmed that the attackers had gained control of a storage wallet, while the FBI verified industry reports linking North Korea to the breach. The stolen funds were quickly converted and dispersed across thousands of blockchain addresses.
February’s Crypto Losses Surge 1,500% From January
Compared to January’s $98 million in losses, February saw an almost 1,500% increase. However, excluding Bybit’s losses, the total still stood at over $126 million, reflecting a 28.5% jump from the previous month.
Other Major Crypto Attacks in February
- Infini Hack – $49 Million Stolen
On February 24, stablecoin payment firm Infini suffered the second-largest attack of the month. CertiK reported that a key wallet used in the exploit had previously been involved in developing Infini’s smart contracts. The attacker, who retained admin privileges, was able to redeem all Vault tokens, exposing a critical vulnerability in Infini’s security model.In an attempt to recover some funds, the Infini team offered the hacker a deal—they could keep 20% of the stolen assets if they returned the rest and agreed to avoid legal consequences. However, the 48-hour deadline passed with no response. As of now, the hacker’s wallet still holds over 17,000 Ether ($43 million), according to Etherscan data. - ZkLend Exploit – $10 Million Stolen
On February 12, decentralized lending protocol ZkLend suffered the third-largest attack of the month, losing $10 million to hackers.
Biggest Crypto Security Threats in February
CertiK’s report highlights the top security threats in February:
- Wallet Compromises – The leading cause of losses.
- Code Vulnerabilities – Resulted in $20 million in losses.
- Phishing Attacks – Accounted for $1.8 million in stolen funds.
Crypto Hacks Were Declining at the End of 2024
Crypto-related losses had been on a downward trend at the end of 2024, with December recording just $28.6 million in stolen funds—the lowest monthly total in months. This was a sharp decline from $63.8 million in November and $115.8 million in October.
However, February’s surge in crypto heists signals a major security concern for exchanges, DeFi projects, and individual investors moving forward.
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