Record $2.1B Lost to Crypto Hacks in H1 2025 as $9.32B of Illicit Funds Moved in 2024
A new report on digital asset security from TRM Labs has revealed a stark picture of the cryptocurrency ecosystem's vulnerabilities, with cybercriminals making off with over $2.1 billion in crypto 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, which accounted for nearly 70% of the total losses. This attack alone was carried out by groups linked to North Korea, cementing the nation's role as the most dominant state actor in the crypto-hacking space. According to the report, these North Korea-linked groups were 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 being 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 need for robust security measures and best practices in the cryptocurrency space to prevent such breaches.
It's worth noting that this report cannot effectively cover the individually insignificant losses of individuals, which often are not even reported to authorities. On the other hand, $9.32 billion in scam proceeds were moved through cryptocurrency in 2024 — based solely on the FBI's report, which draws from complaints submitted to the IC3 in over 200 countries. This suggests many crypto scams likely went unreported.
This highlights the need for vigilance and caution when dealing with cryptocurrencies. Without such reports, one might wrongly assume that hacks account for more losses than scams in crypto. Given the risks associated with cryptocurrencies, it's essential to take every possible precaution. The Ledger Nano X, currently priced at $149 on Amazon, is one of the best crypto hardware wallets out there — and it doesn't cost an arm and a leg.
As the cryptocurrency ecosystem continues to evolve, it's crucial for users to stay informed and take proactive measures to protect themselves against cyber threats. By doing so, we can help mitigate the risks associated with cryptocurrencies and create a safer, more secure space for digital asset trading and usage.