In February 2025, the cryptocurrency market faced unprecedented losses totaling $1.53 billion, largely driven by a significant $1.46 billion hack of the Bybit exchange. This breach led to cumulative losses of $1.6 billion for the year, surpassing all losses from 2024. Additionally, a second notable breach at Infini resulted in a $49.5 million loss, along with several smaller attacks. The report noted that centralized finance platforms were primarily responsible for the losses, with 95.5% of funds lost, indicating the higher risks associated with centralized platforms compared to decentralized ones.
In February 2025, losses in the cryptocurrency sector skyrocketed to $1.53 billion, driven by a massive hack of the Bybit exchange, highlighting vulnerabilities.
The report indicated that centralized finance platforms accounted for a staggering 95.5% of total losses for February 2025, underscoring CeFi's risk profile.
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