Crypto's losses totaled $1.53 billion in February, with the three biggest exploits being Bibit, Infini and Zklend Hacks.
Crypto's losses totaled nearly $1.53 billion in February, representing an increase of about 1,500% from the $98 million reported loss in January, according to Certik. Other crypto losses in February, excluding Bibit losses, still increased by 28.5% from the previous month, a 28.5% increase.
The biggest loss comes from the Bybit hack on February 21, which is attributed to the North Korean Lazarus group. Of the total loss of $1.53 billion, BIDIBIT Hack sucked up $1.4 billion. The hack surpassed the $650 million Ronin Bridge hack in March 2022, which also became the biggest crypto hack linked to Lazarus. Following the hack, the stolen funds were washed using a crypto mixer. As of the latest update, Lazarus is currently washing almost all of the stolen funds.
The second biggest loss came from the Stablecoin Neobank Infini hack on February 24th, resulting in a loss of $49.5 million. Cyvers is attributing the exploit to developers who retained administrator rights after helping them set up smart contracts. Three months later, the developers used these rights to drain the funds into a wallet funded through Crypto mixer Tornado Cash. Infini is still trying to collect the stolen funds. The company left a message to hackers, warning them of taking legal action and freezing stolen funds if necessary. Neobank provided hackers with a 20% prize money for the return of stolen assets and complied with the 48-hour deadline. The deadline has passed for a long time, but the funds are still in the hacker's possession.
Third, Zklend's February 12 exploit lost $9.5 million worth of Ethereum (ETH). Like Infini, Zklend provided the hackers with prize money, asking for 90% of the stolen funds to be returned, and the hackers were allowed to maintain 10%. The latest update on the Zklend hack is that the recovery portal for affected users has been opened. However, the funds are still in the hacker's possession.
In addition to the February losses due to hacking, Certik also reported that wallet compromises are the top category of losses. This was followed by a code vulnerability, resulting in a loss of $20 million. The phishing attack caused $1.8 million in stolen funds.
