Crypto Scams and Hacks Drop Sharply in February, PeckShield

The monthly losses from crypto hacks and scams in February hit the lowest level since March 2025, with $26.5 million stolen last month, says blockchain security company PeckShield. 

Out of 15 instances in February, only two accounted for most of the month’s losses, with the largest being the $10 million theft from YieldBlox’s DAO-managed lending pool via a price manipulation attack on Feb. 21, PeckShield reported in an X post on Sunday. 

The second-largest exploit targeted the decentralized identity protocol IoTeX, which lost about $8.9 million to a private key exploit on Feb. 21. Overall, February’s total represents a 69.2% month-on-month decrease from January, which recorded just over $86 million in losses. 

A PeckShield spokesperson told Cointelegraph that “mega-hacks,” such as the $1.5 billion Bybit hack in February 2025, didn’t inflate last month’s statistics, and market volatility led to a significant cooling period in exploit activity. 

“A sharp market correction in early February, with Bitcoin dipping below $70,000, shifted the industry’s focus toward institutional deleveraging and math-based sell-offs. During such high-volatility periods, the tactical focus often moves away from protocol exploits toward navigating market liquidity,” the spokesperson added. 

Security improvements could be a factor

Kronos Research analyst Dominick John told Cointelegraph that the decline could also reflect tighter risk controls, stronger counterparty standards and improved real-time monitoring across major venues.

“Capital is becoming more selective, rewarding protocols with mature security frameworks. Sustained downside will depend on whether security standards keep pace with innovation,” he said. 

John said losses could continue to decline through the year as audits, monitoring, and institutional risk frameworks mature.