Global cryptocurrency crime is accelerating, and funds stolen by North Korea are poised to make 2025 the worst year on record in that regard, according to a new industry study.
In the first half of 2025, more than $2.17 billion was stolen from cryptocurrency services, surpassing the total amount stolen in all of 2024. Additionally, 17 percent more had been taken year-to-date than in the previous worst year on record, 2022.
A February crypto theft, the largest in history, accounted for about 70 percent of this year’s stolen funds.
North Korea’s Lazarus Group, a state-sponsored hacking entity, employed an elaborate multi-faceted scheme to steal $1.5 billion from Dubai-based crypto exchange Bybit.
“The attack methodology appeared to leverage advanced social engineering tactics similar to those documented in previous DPRK operations, including the infiltration of crypto-related services through compromised IT personnel,” the Chainalysis report reads.
The report’s authors say the regime’s crypto operations have intensified as part of a broader strategy to evade sanctions. In 2024, North Korea was estimated to have stolen approximately $1.3 billion in cryptocurrency funds.
Should current trends persist, stolen funds could exceed $4 billion by the end of 2025.
In addition to breaching crypto exchanges and compromising personal wallets, physical violence against crypto holders—known as wrench attacks—is increasing as a share of year-to-date stolen fund activity.
“It is clear that 2025 is well on track to have potentially twice as many physical attacks as the next highest year on record. It is also worth noting that, since many attacks go unreported, the true number of such incidents is likely far higher,” Chainalysis stated in its report.
According to Chainalysis, the countries with the highest victim counts were the United States, Germany, Russia, Canada, Japan, Indonesia, and South Korea. In addition, Eastern Europe, the Middle East, and North Africa witnessed the highest growth in victim totals from the first half of 2024 to the first half of 2025.
The crypto industry’s response to growing theft over the next six months will “determine whether crypto crime continues its concerning trajectory or begins to plateau as defensive measures mature,” according to the report.
Recent Incidents
Cases of crypto theft keep occurring.Decentralized exchange GMX confirmed on July 9 that more than $40 million worth of crypto had been stolen during an incident.
Iran’s largest cryptocurrency exchange, Nobitex, suffered a $90 million hack by a pro-Israel organization.
North Korea’s Army of Hackers
In recent years, the North Korean regime’s Lazarus Group has carried out several major cyber heists targeting cryptocurrency exchanges, financial institutions, and even Sony Pictures Entertainment.From large and small crypto exchanges to tech titans Google and Microsoft, companies worldwide have reported cyberattacks by North Korean hackers over the past decade.
The U.S. government has started cracking down on these actors.
While most of these attacks have yielded hefty sums of money, some have also obtained sensitive data and crucial documents. However, for the most part, these illicit activities have been used to generate revenues to support North Korean leader Kim Jong Un’s nuclear weapons program.
