According to the Q1 2025 Cryptocurrency Market Report by Finbold, over $1.77 billion of cryptocurrency was stolen in Q1 of 2025, and these figures are even more alarming, a single attack in February 2025 accounted for 85% of the stolen crypto. An unknown attacker stole $1.5 billion worth of Ethereum from Bybit's cold wallet. This stolen cryptocurrency is even larger than the crypto stolen in the first half of 2024 when $1.38 billion worth of assets were stolen and three times larger than Q1 2023 when only $452 million worth of cryptocurrency was stolen. All of this makes 2025 the record-breaking year for cryptocurrency hacks.
Even though the Bybit hack was big, the LIBRA rug pull which resulted in the loss of $100 million was what shocked the crypto world in Q1 2025 because it was marketed as an investment opportunity for the country promoted by Argentinian President Javier Milei. Even though the President wasn't directly involved, he still hasn't mentioned anything about it. The founder of Barstool Boys also promoted cryptocurrency but it resulted in the loss of $5 million when it crashed and even though there were many crypto attacks and hacks, none was as shocking as the LIBRA scam.
In February 2025, a Hong Kong-based stablecoin neobank called Infini also lost $50 million through the exploitation of administrative privileges because the attacker was a former developer of the company. Abracadabra Money also lost about $13 million after the exploitation of smart contract vulnerability by the attacker while zkLend lost about $9.6 million because of a rounding bug.
The Q1 Cryptocurrency Marketing Report also mentioned that the number of Bitcoin millionaire addresses has dropped by 20% after Donald Trump was re-elected as President. In January 2025, there were a total of 176,364 bitcoin millionaire addresses which were reduced to 141,627 by the end of Q1. Between January 20 and March 31, 2025, 34,737 Bitcoin millionaire addresses vanished, out of which 30,000 wallets were holding $1 million-$9.99 million and 4737 wallets were holding more than $10 million. The data shows that there was a decrease of 13,942 Bitcoin millionaire addresses from January 1 to March 31, 2025, and the total numbers dropped from 155,569 to 141,627.
In contrast, there was an increase in Bitcoin millionaire addresses by 11,000 from November 6, 2024, to January 1, 2025, which shows that the market was positive in Q4 2024. When Trump was re-elected, there was an increase of 43,816 bitcoin millionaires while during the inauguration of Trump, there was a loss of 34,737 bitcoin millionaires. These shifts were mostly driven by the price performance of bitcoins because the price rose 24.81% by January 1, 2025, and a further 7.82% by January 20. But the price fell by 18.92% by March 31, 2025, after Trump’s inauguration.
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Even though the Bybit hack was big, the LIBRA rug pull which resulted in the loss of $100 million was what shocked the crypto world in Q1 2025 because it was marketed as an investment opportunity for the country promoted by Argentinian President Javier Milei. Even though the President wasn't directly involved, he still hasn't mentioned anything about it. The founder of Barstool Boys also promoted cryptocurrency but it resulted in the loss of $5 million when it crashed and even though there were many crypto attacks and hacks, none was as shocking as the LIBRA scam.
In February 2025, a Hong Kong-based stablecoin neobank called Infini also lost $50 million through the exploitation of administrative privileges because the attacker was a former developer of the company. Abracadabra Money also lost about $13 million after the exploitation of smart contract vulnerability by the attacker while zkLend lost about $9.6 million because of a rounding bug.
The Q1 Cryptocurrency Marketing Report also mentioned that the number of Bitcoin millionaire addresses has dropped by 20% after Donald Trump was re-elected as President. In January 2025, there were a total of 176,364 bitcoin millionaire addresses which were reduced to 141,627 by the end of Q1. Between January 20 and March 31, 2025, 34,737 Bitcoin millionaire addresses vanished, out of which 30,000 wallets were holding $1 million-$9.99 million and 4737 wallets were holding more than $10 million. The data shows that there was a decrease of 13,942 Bitcoin millionaire addresses from January 1 to March 31, 2025, and the total numbers dropped from 155,569 to 141,627.
In contrast, there was an increase in Bitcoin millionaire addresses by 11,000 from November 6, 2024, to January 1, 2025, which shows that the market was positive in Q4 2024. When Trump was re-elected, there was an increase of 43,816 bitcoin millionaires while during the inauguration of Trump, there was a loss of 34,737 bitcoin millionaires. These shifts were mostly driven by the price performance of bitcoins because the price rose 24.81% by January 1, 2025, and a further 7.82% by January 20. But the price fell by 18.92% by March 31, 2025, after Trump’s inauguration.
Read next: Apple Soars, vivo Climbs, Huawei Returns — Q1 2025 Smartphone Market Shifts Sharply
