# Title: Record-breaking Crypto Hacks in Q1 2025 – Insights from Finbold
## Introduction
The first quarter of 2025 has witnessed a significant rise in cryptocurrency hacks, with over $1.77 billion stolen according to Finbold’s Q1 2025 Cryptocurrency Market Report. Various high-profile incidents have contributed to this staggering amount, setting the stage for a potentially record-breaking year in terms of digital asset theft. Let’s delve into the key events that unfolded during this period.
## Bybit Cold Wallet Hack: A Landmark Breach
In February 2025, a notable incident shook the crypto space as an unknown perpetrator absconded with approximately $1.5 billion worth of Ethereum from a Bybit cold wallet. This single attack alone accounted for nearly 85% of the total value stolen in Q1 2025, surpassing the combined theft from the previous years. The Bybit hack stands out as one of the largest breaches in recent memory, underscoring the vulnerability of digital assets.
## The Libra Rug Pull: Involvement of Prominent Figures
Another attention-grabbing event in the first quarter was the Libra rug pull, where around $100 million was lost due to fraudulent activities. Notably, the Argentinian President, Javier Milei, was associated with promoting LIBRA and its blockchain for investment purposes in the country. Despite being uninvolved in the scam itself, Milei faced scrutiny for his endorsement. Moreover, personalities like Dave Portnoy, founder of Barstool Sports, also suffered substantial losses in the aftermath of the rug pull, adding to the intrigue surrounding this incident.
### Developer Breach at Infini: Exploiting Backdoor Access
Infini, a Hong Kong stablecoin neobank, fell victim to a $50 million loss in late February, attributed to an attacker who exploited their retained administrative privileges. The assailant, alleged to have been involved in the company’s contract development, utilized this insider access to siphon funds using services like Tornado Cash, showcasing the risks associated with backdoor entries in the blockchain ecosystem.
### Contract Vulnerabilities Exploited in Heists
Two significant hacks in the first quarter capitalized on vulnerabilities within smart contracts to carry out illicit activities. Notably, an exploit in Abracadabra Money’s smart contracts led to the draining of over 6,000 ETH amounting to $13 million. Similarly, a rounding bug was leveraged to steal 3,600 ETH valued at $9.6 million in a separate incident. These breaches highlight the importance of rigorous security protocols in safeguarding digital assets.
## Conclusion
As the crypto landscape continues to evolve, the rise in sophisticated hacks and breaches serves as a stark reminder of the importance of stringent security measures and risk mitigation strategies. The events of Q1 2025 underscore the imperative for industry stakeholders to remain vigilant and proactive in combating malicious activities targeting digital assets. Stay informed and stay secure in the ever-changing world of cryptocurrencies.