Cybercriminals stole a staggering $2.7 billion in cryptocurrency during 2025, marking the highest annual theft total on record. This surge in hacking activity underscores the growing financial risks within the digital asset space, and the persistent threat posed by state-sponsored hacking groups.
The Scale of the Problem
The $2.7 billion figure, confirmed by blockchain analytics firms Chainalysis and TRM Labs, represents a significant jump in stolen funds. This year’s thefts outpaced previous records: the largest previous hauls were $624 million from the 2022 Ronin Network hack and $611 million from the Poly Network breach. The scale of these thefts demonstrates that cryptocurrency platforms remain vulnerable to large-scale exploitation.
The Bybit Hack: A Record-Breaking Heist
The most prominent attack occurred at Dubai-based exchange Bybit, where hackers made off with approximately $1.4 billion in crypto. U.S. authorities and blockchain firms attribute this theft to North Korean state-sponsored hackers—the Lazarus Group—which have consistently targeted the crypto sector over the past several years. The Bybit incident is not only the largest crypto hack in history but one of the largest financial thefts ever recorded.
North Korea’s Role in Crypto Crime
North Korean hackers are the dominant force behind these thefts, having stolen an estimated $2 billion in 2025 alone. Since 2017, Kim Jong Un’s regime is believed to have pilfered around $6 billion in crypto, using the funds to finance its nuclear weapons program. This makes cryptocurrency a critical lifeline for the sanctioned nation, enabling it to bypass international financial restrictions.
Other Notable Hacks
Beyond Bybit, other significant breaches included:
– Cetus: A decentralized exchange hit for $223 million.
– Balancer: A protocol on the Ethereum blockchain, losing $128 million.
– Phemex: A crypto exchange, where hackers stole over $73 million.
These incidents show that DeFi platforms and exchanges alike are at risk, with hackers exploiting vulnerabilities in smart contracts and security protocols.
Why This Matters
The rise in crypto hacks is not just a financial issue; it’s a geopolitical one. North Korea’s dependence on stolen crypto to fund its weapons program highlights how cybercrime directly impacts global security. As the crypto market matures, improved security measures, regulatory oversight, and international cooperation will be crucial to mitigating these risks.
The continued prevalence of these attacks indicates that vulnerabilities remain widespread, and the crypto ecosystem must evolve rapidly to protect against increasingly sophisticated threats.
