report<\/a> by blockchain intelligence firm TRM Labs, the majority of these losses stemmed from infrastructure attacks that targeted the technical backbone of crypto systems.<\/p>\nSuck exploits include private key thefts, seed phrase compromises, and front-end hijacks, and accounted for over 80% of all stolen funds. On average, such attacks yielded 10 times more in value than other methods.<\/p>\n
TRM Labs noted that the largest incident so far this year was the $1.5 billion breach of Dubai-based crypto exchange Bybit in February. Attributed to North Korean hackers, the hack accounted for nearly 70% of the year\u2019s total losses. It significantly skewed the overall figures, pushing the average hack size to $30 million, double the average from the same period in 2024.<\/p>\n
Other notable attacks included the June 18 exploit of Iran\u2019s largest crypto exchange, Nobitex, by hacker group Gonjeshke Darande, also known as Predatory Sparrow. The hackers stole over $90 million and transferred the funds to unspendable vanity addresses.<\/p>\n
<\/p>\n
State-sponsored crypto attacks now account for the bulk of global losses, TRM Labs said, with geopolitical motives increasingly driving illicit activities.\u00a0<\/p>\n
\u201cAlthough North Korea remains the dominant force in this arena, incidents such as reportedly Israel-linked group Gonjeshke Darande hacking Iran\u2019s largest crypto exchange, Nobitex [\u2026] suggest other state actors may increasingly leverage crypto hacks for geopolitical ends,\u201d TRM researchers said.<\/p>\n
\u201cSuch events underscore how digital asset theft is becoming a covert instrument in geopolitical conflicts and national policy.\u201d<\/p>\n
Beyond hacks, protocol-level exploits accounted for 12% of losses during the period, according to the report. These included flash loans and re-entrancy attacks that targeted vulnerabilities in smart contracts or protocol logic, allowing attackers to manipulate or drain funds from decentralized finance protocols.<\/p>\n
According to TRM Labs, the $2.1 billion stolen in the first six months of 2025 represents a roughly 10% increase over the previous H1 record set in 2022 and nearly matches the total losses recorded for the entire year of 2024.<\/p>\n
In response to these threats, TRM Labs urged the industry to adopt stronger security measures such as using multi-factor authentication, storing funds in cold wallets, regularly conducting security audits, and implementing countermeasures against insider threats and social engineering.<\/p>\n
Crypto hacks have remained a consistent threat to the industry over the years. As previously reported by crypto.news, over $1.63 billion in crypto losses were stolen across more than 60 attacks in the first quarter of 2025, according to reports by Immunefi and PeckShield.\u00a0<\/p>\n
Centralized exchanges bore the brunt, accounting for 94% of the total losses, largely due to the Bybit and Phemex incidents, which together made up $1.52 billion of the total.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
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