Bybit Suffers $1.5B Hack in Record $2.5B Crypto Heist Wave Linked to North Korea

The first half of 2025 has witnessed an unprecedented surge in cryptocurrency hacks, with losses exceeding $2.5 billion according to TRM Labs. This staggering figure surpasses all previous half-year records, with nearly 70% of the losses attributed to a single devastating attack on Dubai-based exchange Bybit. The February breach, which resulted in $1.5 billion being stolen, has been confidently attributed to North Korean state-sponsored actors by blockchain intelligence firm TRM Labs. This attack alone represents one of the largest crypto heists in history and underscores the growing sophistication of nation-state hacking groups targeting digital assets. The remaining $1 billion in losses came from various other exploits across the ecosystem, though none approached the scale of the Bybit incident. These developments highlight both the vulnerabilities in crypto infrastructure and the increasing boldness of state-backed bad actors in the decentralized finance space. As the industry processes these record losses, attention turns to enhanced security measures and the geopolitical implications of such large-scale financial cyber warfare.

H1 2025 Crypto Hacks Surge to $2.1B, Driven by North Korean State-Sponsored Attacks

The first half of 2025 has set a grim record for cryptocurrency hacks, with over $2.5 billion stolen, according to a TRM Labs report. The figure eclipses the previous H1 high from 2022, though nearly 70% of the losses stemmed from a single attack—a $1.5 billion breach of Dubai-based exchange Bybit in February.

TRM Labs attributes the Bybit exploit to North Korean state-sponsored actors, marking it as both the largest crypto theft ever and a geopolitical maneuver. Proceeds from such attacks are believed to fund Pyongyang’s sanctions evasion and strategic programs, including its nuclear ambitions. Beyond the headline-grabbing Bybit incident, January, April, and May each saw separate $100 million+ breaches, underscoring a persistently volatile threat landscape.

North Korean-linked groups accounted for $1.6 billion of the total losses. The average hack size doubled to $30 million compared to H1 2024, with 75 major incidents recorded. The report highlights the escalating sophistication of attacks targeting crypto infrastructure, with exchanges remaining prime targets.

H1 2025 Crypto Losses Surge Past 2024 Totals Amid Rising Wallet Breaches and Phishing Scams

Crypto investors suffered over $2.2 billion in losses from hacks and scams during the first half of 2025, according to blockchain security firm CertiK. The firm's midyear report highlights a sharp escalation in wallet compromises and phishing attacks, with 344 incidents totaling $2.47 billion in stolen assets.

Wallet breaches proved particularly devastating, accounting for $1.7 billion across just 34 incidents. Phishing scams followed as the second-largest threat vector, siphoning $410 million through 132 attacks. Two major exploits—targeting Bybit and Cetus Protocol—represented 72% of total losses, skewing the year-over-year comparison.

Ethereum remained the most targeted blockchain, absorbing $1.6 billion in damages across 175 security events. While raw numbers suggest deteriorating security conditions, normalized data excluding outlier attacks shows losses aligning with historical trends at $690 million.