{"id":15818,"date":"2025-03-03T08:33:23","date_gmt":"2025-03-03T08:33:23","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=15818"},"modified":"2025-03-03T08:33:23","modified_gmt":"2025-03-03T08:33:23","slug":"crypto-losses-hit-1-53b-in-february-driven-by-1-4b-bybit-hack-certik","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=15818","title":{"rendered":"Crypto Losses Hit $1.53B In February, Driven By $1.4B Bybit Hack: CertiK"},"content":{"rendered":"
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The cryptocurrency sector suffered staggering losses in February, with scams, exploits, and hacks totaling nearly $1.53 billion, according to <\/span>blockchain security firm CertiK<\/span><\/a>. <\/span>The bulk<\/span> of these losses stemmed from the $1.4 billion attack on Bybit, marking the largest crypto heist in history.<\/span><\/p>\n

On February 21, hackers targeted crypto exchange Bybit, reportedly seizing control of a storage wallet. CertiK attributed the attack to North Korea\u2019s Lazarus Group, the same entity responsible for the $650 million Ronin Bridge hack in March 2022. <\/span><\/p>\n

The FBI later confirmed that North Korean operatives were behind the Bybit breach and had begun dispersing the stolen funds across thousands of blockchain addresses.<\/span><\/p>\n

EXPLORE:\u00a0<\/span>Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n

Bybit Hack Drives Crypto Losses Up 1,500% in <\/span>February<\/span><\/h2>\n

The massive Bybit exploit significantly skewed the overall loss figures for February. Compared to January, when losses stood at $98 million, February\u2019s figure represents a nearly 1,500% increase. <\/span><\/p>\n

Even <\/span>when<\/span> excluding Bybit\u2019s losses, crypto hacks and scams last month still reached $126 million, a 28.5% rise from the previous month.<\/span><\/p>\n

The second-largest hack of the month targeted Infini, a stablecoin payment firm, resulting in the theft of $49 million on February 24. <\/span><\/p>\n

CertiK\u2019s investigation revealed that a key wallet used in the exploit had prior involvement in developing Infini\u2019s smart contracts. The attacker retained admin privileges, allowing them to redeem all Vault tokens.<\/span><\/p>\n

\u201cThe exploit highlights a major vulnerability, demonstrating how admin privileges can become a single point of failure,\u201d CertiK stated in its February 27 report. The firm stressed the importance of securing private keys to prevent similar attacks.<\/span><\/p>\n

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#CertiKStatsAlert<\/a> \"\ud83d\udea8\"<\/p>\n

Combining all the incidents in February, we\u2019ve confirmed ~$1.5B lost to exploits, hacks and scams.<\/p>\n

The Bybit incident is the largest we have recorded since the Ronin Bridge exploit in 2022 which was also conducted by Lazarus.<\/p>\n

More details below \"\ud83d\udc47\" pic.twitter.com\/n1fv9x0YNh<\/a><\/p>\n

\u2014 CertiK Alert (@CertiKAlert) February 28, 2025<\/a><\/p>\n<\/blockquote>\n