A recent report from blockchain data and analytics firm Chainalysis reveals a staggering rise in cryptocurrency thefts, with over $2.17 billion stolen from various services in 2025 alone.
This figure already surpasses the total losses recorded throughout 2024, primarily driven by the unprecedented $1.5 billion hack of ByBit, attributed to North Korean hackers, which stands as the largest single hack in cryptocurrency history and has significantly contributed to the overall losses in the sector.
Total Stolen Crypto Could Exceed $4B By Year-End
By mid-2025, the value of stolen funds had increased by 17% compared to the same period in 2022, which was previously labeled the worst year for crypto thefts. If current trends persist, the firm predicts that total stolen funds could exceed $4 billion by the end of this year.
The report also highlights the emergence of “wrench attacks,” where physical violence or coercion is used against crypto holders. These attacks appear to correlate with fluctuations in Bitcoin (BTC) prices, suggesting that criminals are strategically targeting individuals during periods of high asset value.
Geographic trends in crypto thefts reveal that significant concentrations of victims are located in the US, Germany, Russia, Canada, Japan, Indonesia, and South Korea.
Regions such as Eastern Europe, the Middle East and North Africa (MENA), and Central and South America (CSAO) have seen particularly rapid increases in thefts from the first half of 2024 to the first half of 2025.
On-Chain Stolen Funds Surge
When examining the laundering behaviors of stolen funds, notable distinctions emerge between those stolen from services and those taken from personal wallets. Typically, those who compromise services demonstrate higher levels of sophistication compared to those targeting individual accounts.
Interestingly, the cost to move stolen funds has declined over time; however, the multiple costs associated with moving funds on-chain have increased significantly. Currently, approximately $8.5 billion in stolen crypto remains on-chain from personal wallet thefts, while funds taken from services amount to $1.28 billion.
Per the report, the total volume of illicit transactions in 2025 is on track to meet or even surpass last year’s estimated $51 billion, largely attributed to the closure of exchanges like Garantex and the impending FinCEN Special Measures designation of the Huione Group, which has processed over $70 billion in inflows.
The cumulative trend of funds stolen from services presents a stark picture of the escalating threat environment in 2025. The data shows a steep increase in thefts, with this year surpassing the $2 billion mark in just 142 days, a much faster rate compared to previous years.
By the end of June 2025, total thefts were already 17.27% higher than the same time in 2022. If these trends continue, the year could see more than $4.3 billion stolen from services alone.
Featured image from DALL-E, chart from TradingView.com
