The cryptocurrency sector recorded $306.7 million in losses from hacks during the third quarter of 2025, according to Finbold’s Q3 2025 Cryptocurrency Market Report.
The findings, compiled by Finbold research using data from blockchain security firm SlowMist, underscore the persistent vulnerabilities across crypto exchanges and protocols, even as the overall volume of attacks declined compared to earlier in the year.
Unlike the first quarter of the year, when the $1.5 billion Bybit incident dominated the headlines, the third quarter was shaped by a cluster of mid-sized attacks. The most significant was the $54 million breach at Turkish exchange BtcTurk, with the attack method still undisclosed.
Other incidents included $44.2 million stolen from CoinDCX due to a security flaw, $42 million drained from GMX through a reentrancy exploit, $41.5 million lost at SwissBorg because of a third-party vulnerability, and $27 million stolen from BigONE in a supply chain attack. Combined, these events made up almost the entire quarterly total.
Notably, the Q3 total lifts the amount stolen in 2025 to $2.55 billion, ensuring that this year already ranks among the most damaging on record for the digital asset sector.
The third quarter figure continues the downward trend that followed the catastrophic opening months of the year. Losses fell from $1.77 billion in Q1, driven almost entirely by the Bybit wallet hack, to $465 million in Q2, and further down to $307 million in Q3.
While the slowdown suggests improvements in exchange security and protocol risk management, it may also indicate that attackers are concentrating on smaller, targeted exploits. Analysts caution that quarterly comparisons can be distorted by reporting delays, leaving open the possibility that the final totals for Q3 could be revised upward.
With $2.55 billion stolen across the first nine months, 2025 has already surpassed many previous full-year totals. The figures illustrate how a single large-scale event, such as the Bybit hack, can dramatically shape annual statistics while still exposing systemic weaknesses across DeFi contracts, custodial services, and third-party integrations.
Even though quarterly numbers have trended lower since Q1, the cumulative damage highlights the fragile foundations of much of the ecosystem.
The absence of a billion-dollar breach in Q3 may appear to signal stability, but the underlying vulnerabilities remain unresolved. Exchanges and protocols continue to operate in an environment where security lapses can erase hundreds of millions in value within a short period.
As 2025 enters its final quarter, the key test will be whether the industry can sustain the downward trajectory in losses, or whether another large-scale incident resets the trend.
