Crypto platforms have constantly battled hackers and other fraudsters, and April was a brutal month.
Security experts at Immunefi claim that hackers stole around $92 million from decentralized finance (DeFi) platforms in April. This figure is a significant jump of 124% from the figures recorded in March ($41 million).
Interestingly, the bulk of April’s figures came from a single attack on UPCX, an open-source DeFi project. The platform lost over $70 million in a single attack. Another protocol, KiloEx, lost $7.5 million. Fortunately, the hacker returned the funds after a few days.
April 2025 Crypto Losses Report:
Crypto losses have already hit $1.74B in 2025 — 4x more than the $420M lost by this time last year.
And yes, we’ve already blown past all of 2024’s total of $1.49B.
Let’s break down what happened in April.
— Immunefi (@immunefi) April 30, 2025
In total, 15 incidents were reported in April. Interestingly, all of these attacks focused on decentralized platforms. Centralized platforms were left untouched in April.
Why Is DeFi a Major Target?
DeFi has always been a target for attackers because many platforms rely on open-source code and move fast. These sometimes happen at the expense of security.
Immunefi’s CEO, Mitchell Amador, warned that even stable projects can be vulnerable and succumb to attacks if they allow certain lapses. He also pointed to state-sponsored threats like North Korea’s Lazarus Group as some of the most serious dangers to the space.
As reported by Altcoin Buzz, Bybit recently suffered the largest crypto hack in history, losing $1.4 billion. Some researchers believe that the attack was planned long in advance.
2025 Is Already Worse Than 2024
As of April 30, total crypto losses from hacks in 2025 have already surpassed $1.7 billion. This figure overtakes the entire amount stolen in 2024, which was estimated at $1.49 billion, according to Immunefi.
This sharp rise in attacks shows the increased sophistication hackers have deployed in attacking crypto platforms. It also calls for stronger security measures among DeFi protocols.
Most DeFi platforms rely solely on external audits. However, experts warn that this is no longer enough. DeFi platforms need to deploy a mixture of security measures, formal verification of smart contracts, and bug bounty programs. Crypto protocols should also anticipate attacks, helping them stay prepared.
Mitchell Amador, founder and CEO of Immunefi, said in a statement, “Protocols must be built for resilience under the assumption that attackers will find a way in, and investors must assume that even the safest-looking interfaces or emails might be traps.”
Security experts also predict that state-sponsored attacks could increase in the coming weeks.
Disclaimer
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