February Marks Crypto's Quietest Month in Nearly a Year — But Cybercriminals Remain Active

February was an unusually serene month for crypto thefts. After a series of significant losses, the industry reported only $26.5 million in total damages related to hacks and scams. This figure is the lowest monthly total in nearly a year, according to PeckShield, a blockchain security firm.

Key Takeaways

February recorded the lowest amount of hack-related losses in nearly a year, totaling $26.5 million.
Most of the financial impact came from just two significant attacks on YieldBlox and IoTeX.
Compared to January, losses decreased by 69%, highlighting a notable shift in security dynamics.
Enhanced security protocols, including AI tools and stricter verification processes, are helping protect against cyber threats.
Phishing attacks remain a prevalent issue, requiring ongoing caution and protective measures.

Crypto

This number is particularly striking when compared to the massive losses experienced at the start of 2025, where a single incident resulted in a staggering $1.5 billion loss at the crypto exchange Bybit.

Notable Attacks Account for Most Losses

Among the 15 recorded security incidents in February, two key attacks were largely responsible for the majority of the financial impact. The most significant incident targeted YieldBlox, a DAO-managed lending pool, on February 21, where hackers manipulated token prices to siphon off $10 million from the platform.

On the same day, the decentralized identity platform IoTeX also fell victim to a breach, losing approximately $9 million due to a private key exploit. Together, these two attacks contributed to over 70% of the total losses for the month.

In stark contrast to January's figures, the drop in losses is quite evident. PeckShield reports that February's $26.5 million represents a 69% decrease from the $86 million lost just one month earlier.

#PeckShieldAlert In Feb. 2026, the crypto space saw 15 significant hacks totaling $26.5 million, reflecting a 98.2% year-over-year drop compared to Feb. 2025 (which included the $1.4 billion Bybit breach) and a substantial 69.2% month-over-month decrease from Jan. 2026 ($86.01 million in losses). #Top5 Hacks: … pic.twitter.com/Svp7SZWp5w
— PeckShieldAlert (@PeckShieldAlert) March 1, 2026

According to a spokesperson from PeckShield, part of the explanation for this relatively calm month lies in the absence of any major billion-dollar breaches. Without a single incident dominating the statistics, the overall figures appear significantly less alarming.

Market factors also played a role, as Bitcoin fell below $70,000 in early February, triggering a widespread market correction. This shift in focus seemed to direct attention away from protocol-level attacks. During periods of volatility, traders and institutions become preoccupied with managing losses and adjusting liquidity, which tends to reduce the occurrence of exploits.

Enhancements in Crypto Security

However, the decline in breaches may not simply be attributed to luck or changing market sentiments. Analysts suggest that improved risk controls, rigorous vetting of counterparties, and enhanced real-time monitoring across major platforms have all played essential roles in fostering a safer environment for crypto transactions.

BTCUSD currently trading at $65,788. Chart: TradingView

Artificial intelligence is emerging as a powerful ally in the battle against vulnerabilities. Automated code checks, anomaly detection tools, and simulations for pre-deployment attacks are identifying issues earlier, preventing potential exploitation.

Experts assert that if security measures continue to advance alongside technological innovations, losses may further decrease throughout the year.

Nonetheless, not all trends are positive. Phishing attacks — a method where criminals impersonate trusted contacts or platforms to steal login credentials and private keys — remain a significant concern.

In 2025, the financial impact of phishing schemes targeting wallets sharply declined from $494 million to $83 million. However, the threat persists. PeckShield warns that cybercriminals are increasingly focusing on humans rather than code, as it is often easier to trick a user into giving up access than to breach a well-protected smart contract.

The firm advises institutions and major holders to utilize multi-signature cold storage solutions and to regard private key security as an essential practice.