In the first quarter of 2025, cryptocurrency hacks resulted in losses exceeding $1.77 billion, with a notable $1.5 billion breach of Bybit accounting for approximately 85% of the total theft. This alarming trend has reignited discussions about cybersecurity within the Web3 space, highlighting the vulnerabilities that crypto users face daily due to hacks, exploits, and contract weaknesses. Historical context was provided by referencing a major hack in December 2021, where $120 million was drained from BadgerDAO through a stolen API key and a vulnerable user interface. Experts emphasize the importance of securing digital assets, including safeguarding recovery phrases, to prevent potential losses. The ongoing dialogue suggests that the crypto community must enhance security measures to protect users from becoming victims of these breaches.