Over $2.1B Lost in 75+ Crypto Hacks in 2025, Bybit Breach Leads the List

TRM Labs recently reported that crypto hacks and exploits in the first half of 2025 exceeded $2.1 billion, based on at least 75 incidents.

The February 21 Bybit hack alone accounted for $1.5 billion, representing around 70 percent of the total and marking a new record for first-half losses.

Crypto Hack Perpetrators Leverage Sophisticated Tactics

According to the TRM Labs report, it is evident that the cryptocurrency landscape has been impacted by an increase in cyberattacks during the first half of 2025.

The firm identified 75 such incidents that resulted in losses exceeding $2.1 billion. In April alone, PeckShield reported that there were 18 major crypto hacks, in which the perpetrators stole approximately $357.11 million from crypto holders.

The crypto sector is clearly under attack from cybercriminals, causing many investors to lose their funds.

Apart from highlighting the challenges faced by crypto investors, this record underscores the increasing sophistication of hackers and their evolving tactics. In the case of Bybit, the CEO Ben Zhou noted that the attackers used a technique involving a “musked” transaction method.

The highly sophisticated scheme involved designing an interface that mirrored the Safe wallet management platform. They were able to replicate accurate address details and verified URLs to deceive Bybit’s security team. The transactions appeared legitimate, which led the team to approve transfers that seemed normal. Unknown to them, they were allowing hackers to gain control of an important offline wallet.

Another notable incident occurred in May when a hacker compromised TRON DAO’s X account. The attacker gained unauthorized access to publish a post containing a contract address, send direct messages to multiple users, and follow several other profiles.

The breach was traced back to a compromised account belonging to a member of the TRON DAO team.

TRM Labs also noted that infrastructure breaches were the primary cause of 80% of the $2.1 billion losses in H1 2025.

Progress Report on the Bybit Breach

The theft of $1.5 billion from Bybit was later traced by the FBI to the North Korean hacking syndicate Lazarus Group. In response, Zhou declared a “war” against the state-sponsored group. The hackers laundered the stolen assets using crypto mixers.

By March, the group had finished laundering all of the stolen 499,000 Ethereum ETH $2 427 24h volatility: 0.7% Market cap: $292.84 B Vol. 24h: $13.90 B . Insights gathered from emberCN data suggested that the hacker took only 10 days to transfer all the stolen ETH to different blockchains.

In one of his updates on the matter, Zhou claimed that 68.5% of the stolen funds, which is roughly $960 million, are still traceable.

Sadly, the exchange has already lost track of 27.5% of lost assets, worth over $386 million.

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