The first half of 2025 has seen a dramatic surge in cryptocurrency hacks, with thieves stealing a staggering $2.1 billion, according to a recent report by TRM Labs. This figure not only surpasses the record set in 2022 but also nearly matches the total losses incurred throughout 2024. The majority of these thefts—approximately 80%—were attributed to infrastructure attacks, particularly through private key compromises and sophisticated phishing schemes. These social engineering tactics have proven to be ten times more effective than other methods, underscoring the vulnerabilities in current security practices. Additionally, protocol exploits accounted for 12% of the losses, often involving manipulation of blockchain protocols. As the crypto landscape continues to evolve, platforms like Bybit must prioritize robust security measures to protect users from these escalating threats. This report serves as a critical reminder for investors to safeguard their assets by employing best practices, such as secure seed phrase storage and vigilance against phishing attempts.
$2.1B Lost in Crypto Seed Phrase & Front-End Attacks: TRM Labs
Crypto hacks surged in the first half of 2025, with thieves stealing $2.1 billion—eclipsing 2022's record and nearly matching 2024's total losses. TRM Labs reports infrastructure attacks dominated, accounting for 80% of thefts through private key compromises and phishing schemes. These social engineering tactics proved ten times more effective than other methods.
Protocol exploits contributed 12% of losses, manipulating blockchain code via flash loans or re-entrancy attacks. The average hack netted $30 million, double early 2024's $15 million norm. A single $1.5 billion breach at Dubai's Bybit exchange—attributed to North Korea—comprised 70% of total damages.
Bybit Expands Crypto Access with Multi-Currency Credit Card Purchases and Cashback
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has introduced a limited-time initiative allowing users to purchase digital assets using over 25 local fiat currencies. The move aims to democratize access to crypto by simplifying the onboarding process for global users.
The platform now supports one-click purchases of major cryptocurrencies like BTC and ETH via Visa or Mastercard, with real-time currency conversion and cashback rewards of up to 10 USDT. New users receive an additional 5 USDT bonus for first-time transactions in newly supported currencies.
Supported currencies include emerging market options such as Pakistan's PKR, Argentina's ARS, and Angola's AOA, reflecting Bybit's strategic focus on underserved markets. The exchange requires only basic identity verification, though European Economic Area customers are excluded from the offer.
