A New Era of Crypto Crime Emerges in 2025
The first half of 2025 has already shattered records in the crypto world—but not in a good way. According to blockchain analyst ZachXBT, the industry is now in a full-blown “supercycle of crime.” A recent report reveals that hackers have stolen over $2.1 billion in digital assets from at least 75 separate attacks and exploits, surpassing the total amount stolen in all of 2024.
This figure also exceeds the previous annual high set in 2022 by roughly 10%, marking 2025 as the most dangerous year for crypto security to date—and we’re only halfway through.
The Bybit Hack: A Record-Breaking Crypto Theft
The most devastating blow came in February 2025, when hackers—believed to be tied to North Korea—executed an unprecedented cyberattack on Bybit, one of the largest cryptocurrency exchanges. The attackers made off with a staggering $1.5 billion, making it the largest single crypto theft in history. That single incident accounted for nearly 70% of all losses reported so far this year.
But Bybit wasn’t the only victim. A string of additional attacks throughout January, April, May, and June resulted in another $100 million in stolen crypto assets, further amplifying concerns about escalating vulnerability across the digital finance ecosystem.
State-Sponsored Hacking: A Rising Geopolitical Weapon
State involvement in crypto hacking is also growing. Groups connected to North Korea are responsible for $1.6 billion of the stolen funds in 2025, pointing to a trend where nation-states weaponize cybercrime for economic and political leverage.
One particularly high-profile case was the June 18 hack of Iran’s largest exchange, Nobitex, resulting in losses of over $90 million. The attack was carried out by Gonjeshke Darande (aka Predatory Sparrow), a hacktivist group believed to be linked to Israeli intelligence.
In a public statement, the group said it targeted Nobitex due to the platform’s alleged role in helping the Iranian regime circumvent international sanctions and finance illicit activities. The attackers reportedly sent the stolen funds to burn addresses—wallets with no known private keys—effectively destroying the assets to prevent any recovery.
How Are Hackers Pulling It Off?
The methods behind these record-breaking thefts show a disturbing trend: infrastructure vulnerabilities are now the primary entry points. Over 80% of stolen funds were linked to compromised systems such as:
- Private key theft
- Seed phrase leaks
- Front-end code injection
These aren’t just flaws in smart contracts—they’re cracks in the very foundation of web-based crypto platforms, from exchanges to wallet providers.
Meanwhile, 12% of stolen assets stemmed from DeFi protocol exploits. These include bugs or logic flaws in smart contracts, underscoring persistent weaknesses in decentralized finance applications that continue to be exploited by both amateurs and advanced threat actors.
A Call to Action for the Crypto Community
As the numbers skyrocket and threats become more sophisticated, it’s clear that the crypto industry must rethink its approach to security. Traditional audits and patchwork solutions are no longer sufficient. We’re entering a stage where cybercrime isn’t just about profit—it’s a tool of geopolitical influence.
Platforms need to implement end-to-end security protocols, conduct regular penetration testing, and educate users on best practices for private key management. Additionally, regulators may have to step in with more robust international coordination, particularly as state-sponsored hacks become more prevalent.
Conclusion: Crypto’s Most Dangerous Year Yet
2025 is shaping up to be the most volatile and criminally active year in crypto history. With over $2.1 billion stolen in just six months, hackers are outpacing both defenders and developers. From nation-state attacks to protocol-level exploits, the ecosystem is under siege like never before.
While the innovation in crypto continues to push boundaries, so too do the tactics of bad actors. The industry now faces a pivotal moment: evolve its security architecture and global resilience, or continue to suffer devastating losses that erode trust in the very technology it seeks to advance.
