The crypto industry is on track to witness record-breaking thefts in 2025, with over $2.17 billion already stolen from crypto services as of mid-July, according to a new report from Chainalysis.
This figure surpasses the total amount stolen in all of 2024 and suggests a troubling upward trend in digital asset crime.
A significant portion of this year’s stolen funds, approximately $1.5 billion, was linked to the North Korea-backed Bybit hack, which alone accounts for 69% of all crypto services thefts in 2025 so far.
That exploit has propelled this year’s losses to levels 17% higher than those recorded in 2022, which was previously the worst year on record for crypto-related crime.
Notably, it took only 142 days in 2025 for crypto thefts to cross the $2 billion mark, compared to 214 days in 2022. If this pace holds, losses could exceed $4.3 billion by year-end, a new all-time high.
Personal wallet attacks and ‘wrench attacks’
While centralized exchanges remain key targets, personal wallets now represent a growing share of the losses, accounting for 23.35% of stolen funds this year.
Chainalysis linked this trend to rising adoption and improved exchange security, which may be pushing attackers to exploit individuals perceived as less protected.
According to the report, Bitcoin holders continue to be the most frequent victims, with attackers increasingly resorting to physical violence tactics known as “wrench attacks.”
In this type of attack, victims are coerced to reveal their private keys through threats or force. Though rare, these attacks have become more common as rising Bitcoin prices have attracted opportunistic criminals.
Moreover, there has also been a disturbing rise in kidnappings of crypto executives and their family members this year.
Considering this, Chainalysis concluded:
“It is clear that 2025 is well on track to have potentially twice as many physical attacks as the next highest year on record.”
Laundering tactics evolve
On the laundering front, attackers targeting crypto services demonstrate more sophistication than those focused on personal wallets.
According to Chainalysis, attackers who target exchanges and services often deploy more advanced methods, such as chain-hopping through cross-chain bridges and using mixers.
In contrast, those stealing from personal wallets tend to rely on basic tools like centralized exchanges or direct interactions with token contracts to hide stolen funds.
Interestingly, criminals are now holding stolen assets for longer periods. A growing number of wallet-based attacks show funds remaining idle on-chain, indicating either confidence in operational security or an intent to follow standard “HODL” investment behavior.
Chainalysis also found that threat actors are paying higher-than-normal fees to move illicit funds, which can be up to 14.5 times the average transaction fee in 2025.
The firm noted that this premium is being paid despite an overall drop in average transaction costs since 2022. According to Chainalysis:
“It is also notable that threat actors targeting services typically pay higher premiums than those conducting personal wallet thefts, likely reflecting the urgency of moving large sums before detection and freezing measures can be implemented.”
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