Crypto Hacks Surge 50% in 2025, $2.1 Billion Stolen

Crypto hacks in the first half of 2025 have resulted in a staggering loss of $2.1 billion, according to a report by blockchain intelligence firm TRM Labs. This figure represents a 50% year-over-year increase in crypto thefts, with 75 incidents recorded in just six months. The report highlights that infrastructure attacks, which include private key thefts, seed phrase breaches, and front-end hijacks, accounted for over 80% of the stolen funds. These attacks, often enabled by social engineering or insider access, have exposed critical weaknesses in the foundation of cryptosecurity.

The largest breach this year was the $1.4 billion hack of Bybit, a Dubai-based crypto exchange, which occurred in February. This incident, linked to North Korean hackers, represents about 70% of the total losses this year. The average hack size has nearly doubled to $30 million, up from $15 million in the first half of 2024. The report attributes $1.6 billion of the stolen funds to the North Korean group, highlighting their ongoing efforts to exploit crypto for sanctions evasion, nuclear program funding, and statecraft.

Another significant hack was the breach of the Iranian crypto exchange Nobitex, which lost over $100 million in crypto assets earlier this month. The attack was reportedly led by Israeli hackers, Gonjeshke Darande. This incident, along with the Bybit hack, underscores the growing threat of state-backed cyber attacks in the crypto industry.

To combat these threats, TRM Labs recommends that the crypto industry implement robust security measures. This includes multi-factor authentication, cold storage for funds, regular security audits, and targeted countermeasures against insider threats and social engineering attacks. The report also warns of the increasing sophistication of hackers, who are continually finding new ways to exploit vulnerabilities in crypto systems.

The report paints a concerning picture of the current state of crypto security. With the rapid growth of the crypto industry, the potential for large-scale thefts and breaches has also increased. The industry must prioritize security measures to protect users' funds and maintain trust in the system. The report serves as a wake-up call for the crypto industry to take proactive steps to enhance security and prevent future hacks.