83% of Crypto traders targeted by malicious actors- Chainplay

Earlier this week, it was reported that the number of scams, frauds, and hacks remained slow in March 2025. However, a recent study by Chainplay and Storible argues that around 83% of crypto traders have fallen prey to malicious actors, resulting in huge losses. 

While researching, Chainplay and Storible surveyed 2,101 investors along with 444 crypto projects. The analysis highlights how bad actors have continued to hit the crypto market.

Social media is playing a critical role in luring crypto users

Nowadays, the legitimacy and credibility of the project are judged by its presence on Social media, but bad actors seem to be leveraging this trend of usage to loot innocent investors.

The report also quotes that the average amount lost by victims in a single incident is $2,622, however, phishing attacks account for 19%, and exchange hacks resulted in losses of around $27 billion in total, with centralized exchanges standing at the top in losses, followed by decentralized exchanges. 

It is worth noting that almost every renowned project in the crypto market has eight bogus websites and seven fake X accounts. With the spiking adoption of crypto and digital with scams and hacks at their peak, there is a severe need for improved security to safeguard users and the image of cryptos. 

Crypto hacks wiped out $1.63 billion in the opening quarter of 2025

According to a recent report by PeakShield, in the first quarter of 2025, hackers succeeded in hitting the crypto with a loss of $1.63 billion, and around 92% of this amount was lost by Bybit, a centralized exchange that got hacked.

In the opening month of 2025, the total lost amount by traders was $87 million, yet in February a dramatic change was observed with a loss of $1.53 billion in the whole month. 

However, the pace of such cases remained slow in March 202,5, and the reported losses are below $35 million. Following these incidents, the white hat hackers and technical experts have helped firms to recover some of the lost funds. 

Approximately 60 hacks and theft incidents occurred in the crypto market in the first quarter of 2025, registering a year-on-year growth of 131%.

A different report by Hacken argues that the crypto market has lost nearly $2 billion in several incidents, with Bybit remaining at the top, and has lost more than $1.2 billion in just a few bogus transactions.

Per this report, access control theft remains most prominent, with rug pull as 2nd most common, followed by Phishing and Smart Contract breach. 

An eye on cryptocurrency prices

As of publishing, the crypto market cap was $2.67 trillion with a loss of 1.23%, and the trading volume was above $120 billion with a surge of 61%.

The crypto fear and greed index is once again at 24, indicating a skyrocketing dominance and force bears over bulls. Over the past 24 hours, Bitcoin showed a bearish signal with a loss of 1.30% and is down by 4.75%, exchanging hands at $83,191. 

According to data from CoinMarketCap, the intraday gainers list has been ruled by Story, Mantra, Litecoin, Core, Cosmos, EOS, Curve DAO, and Pax Gold. On the other hand, the losers are Official Trump, Cronos, Bonk, Hyperliquid, Ethena, and PI.