Crypto Losses Approach $3.4 Billion as Cybercriminals Target Major Players

In 2025, hackers aggressively targeted significant crypto entities and personal wallets, leading to a staggering $3.4 billion in losses—marking the highest total since 2022.

Key Takeaways

Massive Losses: This year's losses reached $3.4 billion, primarily driven by a few significant hacks, including the $1.4 billion attack on Bybit.
Shift in Targets: Personal wallets have increasingly become a target, representing 20% of thefts this year, excluding the Bybit breach.
DeFi Security Improvement: Despite a recovery in DeFi market totals to about $119 billion, hacks within these protocols have not surged, thanks to enhanced security.
North Korean Cyber Activities: North Korean hackers stole $2.02 billion in cryptocurrency, showcasing a more sophisticated approach in their operations.

Crypto losses near $3.4B as hackers went ‘big game hunting’

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This year's analysis from Chainalysis reveals that just three major hacks, particularly the $1.4 billion incident involving the Bybit exchange, accounted for a remarkable 69% of all crypto losses between January and early December. Andrew Fierman, Chainalysis' head of national security intelligence, noted that while severe breaches have increased losses this year, predicting whether 2026 will follow the same trend remains uncertain. "The nature of hacks is often driven by outliers," Fierman explained. "A couple of significant incidents can set records for a year, but the trend toward ‘big game hunting’ appears to be continuing, with no reason to believe hacking will decrease next year."

Bybit Hack Contribution The Bybit hack was responsible for nearly half of this year's total losses. Source: Chainalysis.

On the other end, personal wallets have increasingly caught the eye of hackers. In 2022, they accounted for 7.3% of stolen assets, which rose to 44% in 2024. This year, they are responsible for about 20% of losses. However, if we exclude the Bybit breach, this percentage would have been around 37%. Notably, the total amount stolen from individual hacks fell from $1.5 billion in 2024 to $713 million this year, even though the number of incidents nearly tripled since 2022.

Personal Wallet Hacks Although more personal wallets were hacked this year, the total stolen was significantly lower. Source: Chainalysis.

Fierman shared that individual wallets typically hold fewer funds than large exchange wallets, which consolidate many users' assets.

In a broader context, the total value locked in decentralized finance (DeFi) protocols stands at approximately $119 billion—more than double the low of under $40 billion seen in 2023. Interestingly, despite this resurgence, Chainalysis notes that the rise in DeFi market value has not led to an increase in hacks, diverging from previous patterns where more funds correlated with more attacks. The improvements in security measures within DeFi protocols and a shift in hacker focus towards personal wallets and centralized services are likely contributing factors. "The sustained lower level of DeFi hacks amidst a significant infusion of funds indicates a meaningful evolution," remarked the Chainalysis team.

North Korean Hacking Trends North Korean hackers have ramped up their cryptocurrency thefts in 2025. Source: Chainalysis.

Further investigation reveals that North Korean hacker groups were responsible for $2.02 billion in cryptocurrency theft in 2025, an increase of $681 million over the previous year. They have refined their approach, often embedding IT professionals in projects to facilitate their operations. According to Chainalysis, while they may have executed fewer attacks, their focus has shifted toward achieving larger gains with more sophisticated strategies.

"The regime continuously trains and develops new tactics that enhance their operators' capabilities, whether infiltrating Web3 companies as IT staff or searching for exploitable access points through third-party services," Fierman noted.

By understanding these trends, crypto users can better navigate the security landscape and protect their assets in an ever-evolving digital environment.