Global crypto platforms lost more than $2.1 billion to hacks and exploits in the first half of 2025, the highest mid-year tally on record, according to blockchain-intelligence firm TRM Labs. The firm counted at least 75 incidents, driven largely by infrastructure weaknesses that allowed attackers to seize private keys, seed phrases or manipulate front-end interfaces. A single February breach of exchange Bybit accounted for roughly $1.5 billion—nearly 70 percent of all losses—and has been attributed by TRM Labs to North Korea-linked actors. Overall, state-backed groups were responsible for about $1.6 billion of the stolen funds, underscoring how crypto theft is being used to finance government programs and evade sanctions. Excluding the Bybit incident, first-half losses would have fallen to about $600 million, the lowest level since 2023. Even so, TRM Labs noted that the average haul per attack almost doubled from a year earlier to nearly $30 million, with more than four-fifths of stolen value traced to private-key and front-end exploits. Smaller protocol-level attacks, including re-entrancy and flash-loan manipulations, made up around 12 percent of incidents.