Overview

• Elliptic estimates losses above $2 billion across more than 30 hacks in 2025, surpassing the 2022 record of $1.35 billion.
• February’s Bybit breach siphoned about $1.46 billion, an attack the FBI and multiple researchers attribute to the Lazarus Group.
• Researchers report a shift from exploiting software flaws to deceiving people, with high‑net‑worth holders and exchange employees increasingly targeted.
• Laundering tactics now include multiple mixing rounds, cross‑chain swaps, obscure blockchains, refund‑address redirections, and self‑issued tokens.
• Known DPRK‑linked crypto theft since 2017 now exceeds $6 billion, which UN and intelligence agencies say finances nuclear and missile programs, and Elliptic warns the 2025 figure may be understated.