Crypto hacks in Q1 soar 131% YoY as losses hit $1.63b, data shows

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

The crypto market witnessed over 60 crypto hacks in Q1, resulting in $1.63 billion in losses, more than doubling from $706 million a year earlier.

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Most of the losses in Q1 came from two major incidents: a $1.46 billion exploit at Bybit and a $69.1 million attack on Phemex. As analysts at Immunefi note, the two major exploits of the quarter “totaled $1.52 billion alone, accounting for 94% of all losses in Q1.”

Here’s why Pi Network, Jasmy, LTC, Ethena, and altcoins are down

Centralized exchanges suffered the most as they accounted for 94% of total losses, while attacks on decentralized finance accounted for just 6%. Binance’s BNB Chain was the most exploited blockchain, suffering 19 separate incidents, followed by Ethereum with 15.