A new report by blockchain intelligence firm TRM Labs has revealed that a staggering $2.1 billion worth of cryptocurrency has been stolen in the first half of 2025 across at least 75 hacks and exploits.
This marks a 10% increase over the previous first-half record set in 2022 and nearly matches total crypto thefts in all of 2024.
The report paints a grim picture of an ecosystem under siege—not just from traditional cybercriminals, but increasingly from state-sponsored actors weaponizing digital assets for geopolitical and strategic ends.
The Bybit breach
According to the report, the biggest event of the year so far was the $1.5 billion theft from Dubai-based exchange Bybit in February, the largest crypto hack in history, which TRM Labs attributes to North Korean state actors.
The incident alone accounted for nearly 70% of total losses in H1 2025 and pushed the average hack size to $30 million—double the average in the same period last year.
“The Bybit attack redefined the threat landscape. It underscored how cryptocurrency theft has evolved into a tool of statecraft,” TRM Labs said.
Notably, North Korea-linked groups were responsible for $1.6 billion of the total stolen, solidifying their dominance as the most prolific nation-state threat actors in the crypto space.
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