During the second quarter of 2025, the cryptocurrency industry suffered massive damages from hacking and fraud, with some funds recovered, somewhat reducing the scale of losses. According to blockchain security company CertiK, approximately $810.3 million (about 1.1 trillion won) was lost due to 144 security incidents in the second quarter, of which about $181 million (about 251.5 billion won) was recovered, resulting in a net loss of $620.4 million (about 862.9 billion won).
Phishing attacks emerged as the most significant security threat in terms of damage scale. During the second quarter, $395 million (about 548.6 billion won) was stolen through phishing, and code vulnerability-related attacks caused $235.8 million (about 328.1 billion won) in damages. The Ethereum (ETH) ecosystem was the most attacked network, with nearly half of the 144 incidents occurring on Ethereum, resulting in damages of about $65.4 million (about 90.9 billion won).
Looking at the first half of 2025, a total of 344 security incidents occurred, with total losses reaching a staggering $2.47 billion (about 34.33 trillion won). Wallet security was particularly vulnerable, with $1.71 billion (about 23.769 trillion won) of the total damage occurring through wallet hacking. Phishing followed in second place with $410.7 million (about 571.1 billion won).
CertiK also analyzed that two major incidents played a crucial role in determining this year's damage scale. The most critical incident was the cold wallet hacking of Bybit in February 2025. The Lazarus Group was confirmed to have stolen approximately $1.5 billion (about 20.85 trillion won) in Ethereum by manipulating transaction logs and disguising interfaces. The second was an attack targeting the vulnerability of the Cetus Protocol on the Sui blockchain in May, causing losses of about $225 million (about 3.128 trillion won).
Excluding these two incidents, the total losses for the first half would dramatically decrease to $690 million (about 959.1 billion won). This suggests that it may be difficult to confirm the perception that the cryptocurrency security situation is hopeless. The average loss per incident was $7.13 million (about 9.9 billion won), with a median of $89,000 (about 123.71 million won). For future blockchain security challenges, establishing a continuous monitoring system and user-based security education are expected to become increasingly important.
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