Crypto thefts hit $2.2b in 2025, surpass last year's total

Cryptocurrency thefts in 2025 have surged to US$2.2 billion in the first half of the year, surpassing the US$1.9 billion stolen in all of 2024.

Total thefts from platforms and individuals have exceeded US$2.8 billion and may reach US$4 billion by year-end.

The largest incident was a US$1.5 billion hack on Dubai-based exchange Bybit in February, reportedly carried out by North Korean-linked hackers. It’s considered the biggest crypto heist in history.

Attacks on individual crypto wallets have also increased, accounting for over 23% of total thefts.

Eric Jardine of Chainalysis said the rise in thefts is due to growing crypto adoption and higher asset values.

🔗 Source: CNBC

🧠 Food for thought

1️⃣ Physical crypto attacks follow predictable market cycles

The rise in physical attacks targeting crypto holders appears to align with Bitcoin’s price cycles, rather than being entirely random.

Data shows that in the first half of 2025 alone, 29 physical attacks were reported, putting this year on track to potentially double the previous record set in 2021 during the last major bull market 1.

This trend suggests that criminals may time their activities to periods when potential victims have accumulated significant wealth, with rising Bitcoin prices creating more high-value targets.

Attackers specifically target individuals who publicly showcase their crypto wealth on social media, using these platforms to identify and research potential victims before launching “wrench attacks” 2.

2️⃣ Evolution of crypto theft tactics reflects improving exchange security

The shift from primarily targeting exchanges to increasingly focusing on individual wallet holders represents a tactical adaptation by criminals as institutional security improves.

Personal wallet compromises now account for over 23% of total crypto thefts, reflecting criminals’ pivot to targeting individual holders rather than just exchanges with hardened security 3.

The February 2025 Bybit hack ($1.5 billion) demonstrates that major exchange vulnerabilities still exist, but the rising percentage of personal wallet attacks indicates a strategic diversification by criminals 4.