Web3 scams surge past $3.1 billion in losses during first half of 2025
Main Idea
Web3 scams and hacks resulted in over $3.1 billion in losses in the first half of 2025, surpassing the total losses for all of 2024, with access control failures and AI-powered attacks being major contributors.
Key Points
1. Over $3.1 billion was lost in Web3 hacks, scams, and exploits in the first half of 2025, exceeding the full-year 2024 total.
2. The Bybit breach was the largest single incident, causing $1.46 billion in losses due to compromised multisig wallet signers.
3. Access control failures accounted for roughly $1.83 billion in damages, highlighting vulnerabilities in storage and management.
4. Phishing attacks surged, resulting in $600 million in losses, including a $330 million scam targeting an elderly US investor.
5. AI-powered attacks increased by 1000%, exploiting unsafe APIs and automation systems with tactics like prompt injection and fake AI agents.
Description
The first half of 2025 has already proven catastrophic for the Web3 ecosystem, with blockchain security firm Hacken reporting over $3.1 billion in cumulative losses due to scams, breaches, and protocol failures. This figure already surpasses the full-year total of 2024, underscoring the scale of damage inflicted in just six months. The primary cause: access control failures, which contributed to roughly $1.83 billion in damages, including a landmark $1.46 billion Bybit exploit in February. Inter...
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