Web3 Hacks Surge: $2B Lost in 2025 Multisig Failures
- Multisig wallets targeted, causing over $2 billion in losses.
- Exploits reveal severe security flaws in DeFi systems.
- Urgent need for improved cybersecurity in crypto platforms.
Multisig wallet breaches expose serious risks for DeFi platforms, highlighting major security lapses. Concerns rise as losses intensify, prompting scrutiny of crypto security measures.
A wave of multisig wallet failures and access-control-related hacks dominated Web3 losses in early 2025, with over $2 billion in digital assets compromised. Security experts emphasize the importance of maintaining secure and updated codebases to prevent such breaches.
Bybit Exchange
Bybit Exchange was the largest victim, losing approximately $1.4-$1.5 billion due to state-sponsored hacking, as confirmed by Hacken, a leading blockchain security firm. Yehor Rudytsia, Head of Forensics and Incident Response at Hacken, stated:
Projects have to care about their old or legacy codebase if it was not stopped from operating completely. Many protocols still expose administrative functions from versions that were thought to be deprecated.
Other DeFi protocols suffered similar breaches due to outdated multisig contracts.
Liquidity on affected platforms decreased significantly post-hack, with assets migrating to safer platforms. This incident underscores the ongoing vulnerabilities within the crypto ecosystem concerning security and operational protocols.
While market analysts note a sharp decline in trust in some DeFi platforms, others believe these incidents could drive the industry to improve security standards. Regulatory scrutiny might increase, potentially leading to new legislation addressing crypto security.
