tl;dr
Hackers in the cryptocurrency sector are increasingly using social engineering over smart contract flaws, with over $2.1 billion lost in crypto attacks in 2025. Wallet breaches, though fewer in number, caused $1.6 billion in losses, the highest among attack types. Phishing was most frequent with 114...
In 2025, hackers in the cryptocurrency industry have shifted their tactics from exploiting smart contract flaws to focusing heavily on social engineering, resulting in over $2.1 billion in losses. Wallet breaches, while fewer in number, inflicted the greatest financial damage, accounting for $1.6 billion — outpacing phishing attacks, which caused $401.5 million in losses, and code vulnerabilities at $281.6 million.
May 2025 alone saw crypto-related attacks leading to $140.1 million in losses after freezing $162 million in assets tied to these incidents. The Sui-based decentralized exchange Cetus suffered the largest single loss, with $225 million stolen. During this period, code vulnerabilities and phishing attacks remained predominant threat vectors, causing $230 million and $47.6 million in losses respectively. Despite fewer occurrences, wallet-draining attacks inflicted $8.5 million in damages, underscoring the focus on high-value wallets.
The report highlights that although phishing incidents numbered 114, leading to $401.5 million lost, and code vulnerabilities accounted for 100 incidents with $281.6 million lost, wallet compromises totaled only 23 incidents but resulted in the highest financial impact. Other attack types like access control issues, exit scams, and price manipulation caused relatively lesser damage with $14.1 million, $1.6 million, and $8.1 million in losses, respectively.
This data illustrates a critical cybercrime trend: attackers are increasingly targeting individuals rather than contracts themselves, making social engineering the preferred weapon in their arsenal. The disproportionate losses from wallet breaches suggest hackers focus on high-value targets, emphasizing the urgent need for enhanced personal security and awareness in the crypto community.
Overall, the evolving landscape of crypto attacks in 2025 signals a warning to investors and platforms alike: stronger defenses against social engineering and wallet security breaches must be a top priority to curb the mounting financial toll inflicted by these sophisticated threats.