Bybit Ethereum Hack Adds to $2.1B in Crypto Losses in 2025

Bybit Ethereum Hack Adds to $2.1B in Crypto Losses in 2025

Hackers stole $2.1 billion in cryptocurrency, a record high in the first half of 2025, according to a study issued Friday by blockchain intelligence service TRM Labs. North Korean-sponsored actors accounted for 70% of the losses.

Cyberattacks Surge in 2025, Says TRM Labs

According to TRM Labs’ analysis, there was an increase in cyberattacks during the first half of 2025, which had an impact on the cryptocurrency scene.

The business identified 75 similar occurrences, resulting in losses of nearly $2.1 billion. In April alone, PeckShield recorded 18 significant crypto breaches, in which attackers stole approximately $357.11 million from crypto investors.

The cryptocurrency sector is definitely under attack by hackers, resulting in the loss of many investors’ assets.

Bybit Hack: A Sophisticated Deception

This record highlights the rising expertise of hackers and their shifting techniques, in addition to the problems they confront as crypto investors. In the instance of Bybit, CEO Ben Zhou stated that the attackers utilized a “muskled” transaction mechanism.

The incredibly intricate approach entailed creating an interface that resembled the Safe wallet management platform. They were successful in deceiving Bybit’s security personnel by replicating accurate address data and validated URLs.

The transactions seemed legal; thus, the team approved transfers that were regular. Unbeknownst to them, they were allowing hackers to take control of an essential offline wallet.

TRON DAO’s X Account Compromised

Another noteworthy occurrence came in May, when a hacker accessed TRON DAO’s X account. The attacker used unauthorized access to post a contract address, send direct messages to many individuals, and follow several additional profiles.

The hack was traced back to a compromised account owned by a member of the TRON DAO team.

Infrastructure Breaches and Attribution to the Lazarus Group

TRM Labs also reported that infrastructure breaches were responsible for 80% of the $2.1 billion in damages in the first half of 2025.

The FBI eventually attributed the theft of $1.5 billion from Bybit to the North Korean hacker group Lazarus Group. In response, Zhou declared “war” on the state-sponsored organization. The hackers used cryptocurrency mixers to launder the stolen money.

By March, the gang had finished laundering all of the stolen 499,000 Ethereum (ETH). $2,423 24-hour volatility: 0.9% Market capitalization: $292.59 billion. Volume 24h: $13.67 billion. According to EmberCN data, the hacker transferred all of the stolen ETH to multiple blockchains in about 10 days.

Tracking the Stolen Ethereum

Zhou stated that 68.5% of the stolen cash, or around $960 million, can still be traceable in one of his updates on the case.

Unfortunately, the exchange has already lost track of 27.5% of its assets, totaling more than $386 million.
This surpasses the previous record set in 2022 and is nearly equal to the total losses recorded throughout 2024.

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