A new report from blockchain intelligence firm TRM Labs has revealed that a staggering $2.1 billion worth of cryptocurrency was stolen in the first six months of 2025, making it one of the worst periods on record for digital asset security.
The losses stemmed from at least 75 major hacks and exploits, marking a 10% increase over the previous first-half record set in 2022 and nearly equaling all crypto-related thefts recorded throughout 2024.
The report identifies the February breach of Dubai-based exchange Bybit as the largest crypto hack in history—an eye-watering $1.5 billion heist that TRM Labs attributes to North Korean state-sponsored hackers.
The Bybit incident alone accounts for nearly 70% of total crypto losses so far this year and has significantly shifted the landscape of blockchain-related threats. “The Bybit attack redefined the threat landscape. It underscored how cryptocurrency theft has evolved into a tool of statecraft,” TRM Labs stated in the report.
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With an average hack size of $30 million—double that of the same period last year—the scale and sophistication of attacks have reached alarming new heights. North Korea-linked groups were reportedly responsible for $1.6 billion of the total stolen, cementing their status as the most active and dangerous nation-state actors in the crypto space.
In another significant breach, Iranian crypto exchange Nobitex was hacked on June 18, 2025, losing over $90 million. TRM Labs linked the incident to the Israel-affiliated group Gonjeshke Darande, also known as Predatory Sparrow—highlighting the increasingly geopolitical nature of cybercrime in the crypto sphere.
In light of these developments, TRM Labs is calling for an urgent, industry-wide overhaul of cybersecurity protocols. Recommendations include implementing multi-factor authentication (MFA), storing assets in cold wallets, conducting regular smart contract audits, and building strong defenses against social engineering and insider threats.
The report also emphasizes the importance of global coordination among regulators, law enforcement, and blockchain analytics firms to trace and recover stolen funds in real time. Without such cooperation, the firm warns, the crypto ecosystem will remain highly vulnerable to increasingly organized and politically motivated cyberattacks.
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