The study highlights that phishing attacks account for 19% of total losses, with exchange hacks contributing another $27 billion in overall losses. Centralized exchanges appear to be the most vulnerable, followed by decentralized exchanges. The report suggests that almost every reputable crypto project is plagued with bogus websites and fake social media profiles created specifically to lure unsuspecting investors. With the continued growth of cryptocurrency adoption, a greater emphasis on security measures is needed to protect users and restore public trust in this dynamic market. The study also reveals the severity of attacks: approximately $1.63 billion was lost by crypto traders during the first quarter of 2025. Hackers exploited centralized exchanges like Bybit for $1.63 billion, while individual traders experienced losses totaling $87 million in the initial months of 2025. Despite a slow period in March 2025 with reported losses below $35 million, it’s evident that hackers continue to target the crypto market.