**Crypto Losses Near $3.4B as Hackers Went "Big Game Hunting"**
The world of cryptocurrency has witnessed a staggering surge in losses this year, with hackers targeting large crypto entities and personal wallets to the tune of nearly $3.4 billion. According to a report released by Chainalysis on Thursday, three major incidents accounted for the majority of these losses, while upgraded security measures across DeFi protocols have managed to keep hackers at bay.
The highest figure since 2022, crypto losses in 2025 were driven by massive attacks that were a thousand times larger than the typical incident. The largest attack, which targeted the crypto exchange Bybit for $1.4 billion, accounted for 69% of all losses from January to early December.
Andrew Fierman, head of national security intelligence at Chainalysis, told Cointelegraph that while massive attacks drove this year's uptick in losses, it's unclear if 2026 will unfold in the same way. "It's difficult to predict if it will get worse in 2026, as hacks are very outlier-driven - one or two big hacks can set records for a given year," he said.
Moreover, Fierman noted that the trend of "big game hunting" seems to be continuing, with no signs of hackers declining their attacks next year. This phenomenon has seen hackers target large crypto exchanges and wallets in an effort to maximize their gains.
Personal Wallets: A Growing Target
Fierman also highlighted that personal wallets have become a popular target for hackers, representing 20% of the total stolen value this year. However, the overall amount stolen from individual hacks declined from $1.5 billion in 2024 to $713 million this year, despite the number of incidents nearly tripling compared to 2022.
"These amounts are smaller because individual personal wallets tend to hold less funds than large exchange wallets, which pool many users' funds together," Fierman added. Despite the decrease in losses from individual hacks, hackers continue to target personal wallets, making them a growing concern for the crypto community.
DeFi Protocols: A Shift in Security Measures
The DeFi (Decentralized Finance) space has seen a significant recovery in recent times, with the total locked value reaching $119 billion. However, Chainalysis noted that this recovery hasn't led to an increase in hacks, which presents "a clear divergence from historical trends."
Previously, areas of the industry flush with funds tended to suffer more hacks. However, Chainalysis points to DeFi protocols implementing more effective security measures and attackers shifting their focus to wallets and centralized services as possible causes.
"The sustained lower level of DeFi hacks, even as billions of dollars have returned to these protocols, represents a meaningful change," the Chainalysis team said.
North Korea: A Growing Threat
The report also highlighted that North Korean hacker crews were responsible for $2.02 billion in stolen cryptocurrency in 2025, an additional $681 million over the total in 2024. Analysis found that North Korean hackers executed fewer but far more damaging attacks in 2025, which Chainalysis attributes to an increase in sophistication and patience as they focus on achieving larger scores.
"The regime is consistently training and developing new tactics by which their operators execute their strategies, whether infiltrating Web3 companies as IT workers or finding exploitable access points through third-party vendors," Fierman said. The growing threat from North Korean hackers poses a significant concern for the crypto community, highlighting the need for increased vigilance and security measures.
The increasing sophistication of North Korean hacker crews raises questions about the future of the crypto space. Will 2026 see an uptick in losses as hackers continue to target large exchanges and wallets? Only time will tell, but one thing is certain - the need for robust security measures has never been more pressing.