According to a report by TRM Labs, the first half of 2025 has set a record in hacker attacks and exploits, with losses exceeding $2.5 billion.
The Bybit Hack
The hack on the Bybit exchange in February 2025 became the largest in cryptocurrency history, with losses amounting to $1.5 billion. This incident has been the main factor driving record losses during the first half of the year. According to TRM Labs, this attack accounted for nearly 70% of all crypto thefts during this period.
Geopolitical Cyber Warfare
The report indicates that the Bybit attack was carried out by state actors from North Korea. Additionally, another major incident was recorded in H1 2025, the attack by the Gonjeshke Darande group on Iran's largest exchange Nobitex, resulting in over $90 million being stolen. This attack underscores the use of crypto-hacking activities as a tool of geopolitical conflict.
Technical Aspects of Crypto Thefts
According to the report, the primary vulnerabilities leading to thefts are related to inadequate protection of keys and seed phrases, along with other infrastructural weaknesses. Over 80% of stolen funds were obtained in this manner. Additionally, protocol-level exploits in DeFi, which are susceptible to smart contract vulnerabilities, accounted for 12% of all thefts.
The first half of 2025 has shown that cyber threats in the cryptocurrency realm continue to grow, particularly amidst active geopolitical tensions. The need for more robust protections for crypto assets is becoming increasingly critical.
