Crypto Hacks 2025: Full List Of Scams, Exploits And Vulnerabilities Including ByBit, AdsPower, & Phemex

Key Takeaways

• The decentralized nature and large liquidity pools of DeFi platforms make them prime targets for hackers, exploiting smart contract vulnerabilities, governance loopholes, and private key mismanagement.
• Cybercriminals are adopting advanced techniques, such as AI-powered scams and cross-chain exploits, making attacks more complex and harder to detect.
• Whitehat hackers and security firms are playing a vital role in recovering stolen funds and minimizing damage, showcasing the importance of partnerships between platforms, ethical hackers, and blockchain intelligence providers.
• Regular audits, robust private key security, real-time monitoring, and user education remain critical in minimizing vulnerabilities and protecting the DeFi ecosystem.

As 2025 unfolds, the cryptocurrency world continues to be a dynamic battlefield where evolving technologies are met with equally sophisticated threats. This year, the crypto world is already witnessing a new wave of hacks and scams that reflect emerging vulnerabilities in blockchain protocols, smart contracts, and decentralized finance platforms. 

With cybercriminals adapting to advanced security measures, every breach serves as an important reminder of the need for ongoing innovation in cybersecurity.

In 2025, the stakes are higher than ever as both established and emerging entities navigate these risks. 

In this article, learn about the latest security breaches and exploits, ensuring that you remain well-informed in an ever-changing digital landscape.

Hacks & Scams Targeting DeFi Protocols in 2025

The decentralized finance (DeFi) sector remains one of the most vulnerable areas in the crypto ecosystem, with hackers continually exploiting its open architecture and complex smart contract systems. 

In previous years, DeFi platforms witnessed a series of high-profile hacks and scams that highlighted weaknesses in protocol design, private key management, and governance models. From flash loan attacks to phishing schemes targeting liquidity providers, the landscape of DeFi crime is evolving rapidly. 

Let’s learn about hacks and scams happening in 2025 to stay updated on security vulnerabilities to secure your crypto assets.

Below table summarizes significant incidents in 2025, beginning with the dramatic events surrounding the Moby hack.

ByBit Crypto Exchange

On February 21, 2025, hackers stole approximately $1.46 billion in cryptoassets from Bybit, a Dubai-based exchange. Investigators believe malware tricked the platform into approving unauthorized transactions, sending funds to the attacker.

The Largest Crypto Heist in History

• This breach surpasses the $611 million stolen from Poly Network in 2021, most of which was later returned.
• It may be the largest theft of any kind, eclipsing Saddam Hussein’s $1 billion heist from Iraq’s Central Bank in 2003.

Lazarus Group’s Involvement

• Elliptic has attributed the attack to North Korea’s Lazarus Group, based on the laundering patterns of the stolen funds.
• Since 2017, North Korea-linked cybercriminals have stolen over $6 billion in cryptoassets, financing the country’s ballistic missile program.
• Lazarus Group employs sophisticated techniques to breach organizations, steal crypto, and obscure the transaction trail.

How the Stolen Funds Are Being Laundered

• The laundering process follows a distinct pattern:
  • Swapping stolen tokens for blockchain-native assets like Ether to avoid asset freezes.
  • Dispersing funds across multiple wallets—within two hours, the hackers sent funds to 50 wallets, each holding 10,000 ETH.
  • Using decentralized exchanges (DEXs), cross-chain bridges, and mixers like Tornado Cash to complicate tracing efforts.
• As of February 23, 10% of the stolen assets (valued at $140 million) had already been moved.
• eXch, a crypto exchange known for anonymous swaps, has facilitated tens of millions of dollars in laundering despite Bybit’s requests to block these transactions.

Elliptic continues working with Bybit, crypto service providers, and investigators to track the funds and prevent North Korea from profiting.

AdsPower ($4.7 Million)

In January 2025, specifically between January 21st and 24th, AdsPower, a company specializing in anti-detect browser technology, suffered a cyberattack resulting in the theft of $4.7 million in cryptocurrency. 

The attackers compromised AdsPower’s distribution system, replacing a legitimate browser plugin used for managing crypto wallets with a malicious version. 

For those three days, users who downloaded or updated the plugin unknowingly installed malware. This malware allowed the attackers to steal mnemonic phrases and private keys, giving them full access to users’ crypto wallets. 

Five wallets were ultimately compromised. This attack highlights the danger of off-chain vulnerabilities, even when software is downloaded from seemingly legitimate sources. It reinforces the importance of robust private key security practices such as cold storage and multi-signature wallets for protecting substantial crypto holdings.

Phemex ($85 Million)

On Jan. 23, 2025, the Phemex cryptocurrency exchange was the victim of a significant security breach. Attackers exploited a vulnerability in Phemex’s hot wallet system, resulting in the theft of over $85 million in cryptocurrency. 

Phemex immediately responded by suspending deposits and withdrawals, and initiated an investigation with third-party security experts and law enforcement. 

While initially estimated to be lower, the scale of the theft was progressively revised upwards by security firms and analysts. Phemex CEO Federico Variola described the attack as “sophisticated” but refrained from naming any specific threat actors. 

Although the investigation is ongoing, large-scale crypto thefts are often attributed to North Korean hacking groups. Phemex has since implemented a more secure system and is gradually restoring withdrawal functionality for various cryptocurrencies and networks. They have also cautioned users to avoid using old deposit addresses.

Moby ($2.5 Million)

The DeFi space experienced its first major hack of 2025 when attackers exploited Moby (on 8 Jan), an options platform on the Arbitrum network, stealing $2.5 million in USDC, WETH, and WBTC. The breach was caused by a leaked private key, allowing hackers to activate an emergency withdrawal function. 

However, in a dramatic twist, whitehat hacker Tony Ke from Solayer Labs/Fuzzland recovered $1.5 million in USDC by exploiting a flaw left in the attacker’s replacement contract. This helped decrease total losses by 60%.

Moby assured users that it would reimburse affected traders and liquidity providers, while $1 million of stolen funds in WETH and WBTC remains unrecovered. 

This incident underscores the ongoing risks within DeFi and highlights the critical role of whitehat hackers in mitigating damage. 

Key Trends and Insights from the Chainalysis 2025 Crypto Crime Report

The Chainalysis 2025 Crypto Crime Report highlights critical trends shaping the evolving landscape of illicit activity in the digital asset space. As cybercriminals adopt increasingly sophisticated methods, the insights below reveal the strategies, challenges, and opportunities for combating crypto crime. These findings emphasize the importance of vigilance and advanced blockchain intelligence in safeguarding the cryptocurrency ecosystem.

• Increased sophistication: Criminals are employing more advanced techniques—from leveraging zero-day vulnerabilities to using artificial intelligence for personalized scams—making detection and prevention increasingly challenging.
• Diversification of targets: While centralized exchanges and high-profile wallets continue to be primary targets, decentralized finance (DeFi) platforms and emerging token projects are also in the crosshairs. Attackers are broadening their scope by exploiting weaknesses in smart contracts and novel blockchain protocols.
• Shifting asset use: Traditional cryptocurrencies like Bitcoin are slowly giving way to the increased use of stablecoins and alternative tokens in illicit transactions. This shift reflects both the adaptability of cybercriminals and the changing dynamics of on-chain value movements.
• Regulatory and compliance pressures: As regulatory oversight intensifies globally, the need for robust compliance measures becomes clear. New reporting standards and enhanced due diligence procedures are emerging to counteract the sophisticated methods of crypto criminals.
• Real-Time Intelligence: The rapid pace at which crime is evolving necessitates real-time blockchain analysis and intelligence. Businesses, law enforcement, and regulatory bodies are increasingly turning to advanced tools to trace illicit funds, mitigate risk, and enforce compliance.

Top Crypto Hacks & Scams Of 2024

In 2024, the cryptocurrency landscape continued to face significant security challenges despite advancements in blockchain technologies. 

The table below summarizes the major hacks and scams of 2024, highlighting the targets, dates, and estimated losses. These incidents underscore the persistent vulnerabilities within the space and the critical need for robust security measures.

Top Crypto Hacks & Scams Of 2023

Reflecting on the year 2023, it was marked by several high-profile security breaches in the cryptocurrency space. 

The following table presents an overview of the major incidents from 2023. These events not only had substantial financial consequences but also served as important lessons for enhancing cybersecurity within the industry.

Conclusion

The ever-evolving nature of cryptocurrency technology continues to push boundaries, but it also invites sophisticated threats. Hacks and scams targeting centralized exchanges, DeFi protocols, and individual users highlight vulnerabilities that require constant vigilance.

As seen in 2025 so far, cybercriminals are becoming more innovative, exploiting smart contracts, private keys, and user errors. At the same time, whitehat hackers and blockchain intelligence providers play a crucial role in recovering stolen funds and mitigating damage.

Protecting the crypto ecosystem demands proactive security measures, collaboration across sectors, and ongoing user education. Whether you are a platform operator, trader, or casual investor, staying informed and adopting robust security practices is vital.

This article will continue to be updated as new incidents unfold. Stay tuned for the latest developments and insights into how the cryptocurrency industry is tackling these challenges and working toward a more secure future.

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