Record $2.1B Lost to Crypto Hacks in H1 2025, But $9.32B Lost to Scams in 2024
The world of cryptocurrency has been plagued by a surge in cyberattacks, with hackers making off with over $2.1 billion in digital assets across 75 separate incidents in the first six months of 2025. This staggering figure surpasses previous records and nearly equals the total amount stolen in all of 2024, signaling a dramatic escalation in threats to the ecosystem.
The defining event was the colossal $1.5 billion breach of Dubai-based crypto exchange Bybit in February. According to a new report from TRM Labs, this attack alone accounted for nearly 70% of the total losses and was carried out by groups linked to North Korea. This single incident cemented North Korea's role as the most dominant state actor in the crypto-hacking space, with North Korea-linked groups responsible for an estimated $1.6 billion of the total funds stolen in H1 2025.
The research also points to an evolving landscape where crypto hacks are used as a covert tool in geopolitical conflicts. An example cited is the June 18 hack of Iran's largest crypto exchange, Nobitex, for over $90 million by a group linked to Israel. In a clear political statement, the attackers transferred the stolen funds to deliberately unspendable addresses, indicating their motive was symbolic disruption, not financial gain.
Infrastructure attacks — such as the theft of private keys and seed phrases — were the most damaging, accounting for over 80% of all stolen funds. This highlights the importance of taking robust security measures to protect digital assets, particularly in today's increasingly complex and vulnerable ecosystem.
It is worth noting that it is impractical for this report to effectively cover the individually insignificant losses of individuals, which often are not even reported to authorities. However, the $9.32 billion in scam proceeds moved through cryptocurrency in 2024, based solely on the FBI's report, which draws from complaints submitted to the IC3 in over 200 countries, suggests that many crypto scams likely went unreported.
Without such reports, one might wrongly assume that hacks account for more losses than scams in crypto. The reality is that both types of attacks pose significant risks to users and investors alike. Given these risks, it's essential to take every possible precaution when dealing with digital assets.
The Ledger Nano X, a highly-rated crypto hardware wallet currently available on Amazon for $149, is an excellent example of a reliable and affordable solution for securing your digital assets. By taking the necessary steps to protect yourself, you can minimize the risk of falling victim to these types of attacks and safeguard your investment.