Crypto theft has hit a record in the first half of 2025. Over $2.1 billion vanished in at least 75 hacks and exploits. That total tops the previous H1 high set in 2022 by about 10% and almost matches every dollar stolen in all of 2024.
At the same time, June 18 saw a roughly $90 million hack of Iran’s largest exchange, Nobitex. Security firms link that attack to Predatory Sparrow, a group said to work for Israel. They moved money into addresses with no private keys, hinting at a symbolic motive.
Protocol exploits, such as flash‑loan and re‑entrancy bugs, made up another 12%. Smart contracts still carry risk, but they get patched faster than hidden back‑door or insider schemes.
Industry experts say the rise in state‑backed thefts calls for stronger measures. Cold storage should be the norm. Multi‑factor authentication must cover all critical accounts. Frequent audits are a must. Beyond those basics, teams need insider‑threat programs and social‑engineering training.
Global law enforcement, financial intelligence units and blockchain‑forensics firms like TRM Labs need to work closer than ever. Sharing alerts fast and tracing funds across borders can clamp down on these giant thefts. It’s a tall order, but as crypto grows more tied to national security, so does the need for a united defense.
Featured image from Unsplash, chart from TradingView
