According to Chainalysis, the total cryptocurrency stolen from individual wallets and exchanges reached $2.17 billion during the same period. This represents a 35% increase compared to the same period last year. Moreover, around 23% of the stolen assets came from individual wallets, highlighting the growing security risks for personal crypto holdings.

Crypto Thefts in the First Half of 2025

During the first six months of 2025, cyberattacks on cryptocurrency exchanges resulted in significant losses. Financial Times reported on November 9, 2025, that the total stolen assets exceeded $2 billion. The largest single incident, the Bybit hack, attributed to North Korean-linked groups, involved approximately $1.5 billion in stolen funds. These figures underscore the need for investors to adopt stricter security measures.

Why Investors Are Moving to Their Own Wallets

Centralized exchange custody solutions carry significant risks due to high-volume attacks. Hardware wallets provide protection by keeping private keys under user control, reducing vulnerability to hacks.

Additionally, self-custody solutions help minimize the risks associated with centralized exchanges and increase the overall security of crypto assets.

The Importance of Self-Custody Solutions

Hardware wallets and cold storage systems are critical for investors. By storing crypto assets offline, these solutions prevent potential hacking attempts. Experts predict that self-custody practices will become increasingly popular in the future.

Hardware wallet manufacturers report a significant increase in sales due to growing security concerns. Ledger, Trezor, and Tangem stand out in the market. Analysts note that both individual and institutional users are turning toward secure storage solutions.

Benefits of Self-Custody:

• Full control over assets

• High protection against cyberattacks

• Reduced centralized exchange risk

• Long-term investment security

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The Bybit hack was executed by Lazarus, a North Korea-linked cybercrime group. The FBI labeled the incident as the “TraderTraitor” operation. The stolen amount surpassed all North Korea-related cyber thefts in 2024. 

Lazarus’s “Flood the Zone” Tactic Exposed 

After the attack, Lazarus rapidly laundered the stolen funds through multidirectional, high-frequency transactions. This method, called “flood the zone” by TRM Labs, aims to overwhelm exchange compliance teams and blockchain analytics firms. 

TRM Labs stated, “This tactic involves intense, simultaneous transfers designed to drown regulators and analysts. The Bybit hack clearly showed an increased use of this method.” This reveals significant security gaps in the digital asset ecosystem. 

Meanwhile, Chainalysis experts traced suspicious wallets linked to a local crypto exchange in Greece. As a result, the assets held by the exchange were frozen. This step underlines the critical role of international cooperation in fighting crypto crimes. 

A New Chapter in Global Crypto Regulation 

Greek Finance Minister Kyriakos Pierrakakis commented on the case: “Thanks to blockchain’s traceability, international cooperation can stop financial crimes.” 

This operation may inspire similar actions in countries like South Korea and the U.S. Centralized exchanges such as Bybit must strengthen security after such attacks. The rise in investments across DeFi and CeFi platforms makes this increasingly important. According to DeFiLlama, the total value locked (TVL) reached $121 billion in July 2025. 

This development highlights cybersecurity as a top priority in crypto markets. Moreover, blockchain’s transparency enables more effective combat against cybercrime. 

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Why Was the eXch Exchange Targeted? 

Operating since 2014, eXch allowed transactions without user identity verification (KYC), making it attractive to cybercriminals. The BKA reports that the exchange facilitated $1.9 billion in transaction volume, enabling money laundering and hack-related activities. Connections were identified with the $1.4 billion Bybit hack and the Genesis Creditor theft. The operation resulted in the seizure of the platform’s servers and 8 terabytes of data. 

Operation Details 

Germany collaborated with international law enforcement agencies. The seized assets include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Dash. This marks the third-largest cryptocurrency operation in BKA history. The platform has been completely shut down, and user data is now in the hands of authorities. This development highlights the accelerating global fight against crypto crimes. 

This operation serves as a clear warning to cryptocurrency exchanges. Platforms that fail to comply with KYC and AML regulations are on the authorities’ radar. Blockchain security and regulatory compliance are now more critical than ever. Germany’s move could set a precedent for other countries. 

Senior prosecutor Benjamin Krause, commenting on the seizure, emphasized “the importance of acting against fast and anonymous opportunities for money laundering of any amount.” 

“Crypto swapping is a fundamental component of the underground economy. It is used to conceal criminal proceeds from illegal activities such as hacking or trading stolen payment card data, thereby enabling perpetrators to access these funds,” he said. 

Authorities are leveraging technology to eliminate the anonymity advantage for criminals. Cryptocurrency users, meanwhile, should prioritize trusted and regulated platforms. 

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The exploit occurred on April 26 when attackers manipulated Loopscale’s RateX PT token pricing. Approximately $5.7 million worth of USDC and 1,200 Solana (SOL) were drained from the protocol, accounting for about 12% of total funds.

Hope for Settlement With White Hat Hacker

After the attack, Loopscale’s team sent an onchain message to the exploiter on April 27, offering a 10% bounty and full legal immunity in exchange for 90% of the funds. On April 28, the attacker responded, showing willingness to negotiate.

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So far, 10,000 WSOL (~$1.48M) and 4,463 WSOL (~$660K) have been returned, following an earlier 5,000 WSOL (~$740K) recovery.

10% Bounty Offer Yields Results

Recoveries like this are rare in the DeFi world. But Loopscale’s communication strategy appears to have worked. Meanwhile, Term Finance — another Ethereum-based lending protocol — also recently recovered $1M out of $1.6M lost due to an oracle issue.

According to an April report from blockchain security firm PeckShield, more than $1.6 billion in crypto was stolen in Q1 2025. Of that, $1.5 billion came from a massive attack on Bybit, linked to North Korea’s Lazarus Group.

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The product executes transactions using smart contracts on the Linea network, a layer-2 solution built on Ethereum, with a processing speed of under five seconds.

A New Alternative to Centralized Exchanges

The card enters a competitive field dominated by centralized exchanges such as Binance, Bybit, Coinbase, and Crypto.com, which already offer crypto debit cards. However, MetaMask emphasizes the self-custody model, positioning its card as a safer option following high-profile breaches.

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Notably, Bybit was hacked for $1.4 billion in February 2025, a breach that sparked renewed scrutiny of centralized platforms’ security.

Card Uses Smart Contracts for Real-World Spending

Crypto payments have become one of the fastest-growing applications of digital assets in 2025. High-end brands like Dorsia have started accepting crypto, and apps like Signal are reportedly exploring Bitcoin payments between users.

In New York, a proposed bill could soon legalize the use of cryptocurrencies for state-level payments, indicating growing institutional adoption of BTC and stablecoins.

Though MetaMask has faced waning interest — with just $289,312 in fee revenue reported for the week of April 14 — the launch of its new card could reignite user engagement.

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On April 26, a hacker siphoned around $5.7 million USDC and 1,200 SOL by executing a series of undercollateralized loans, co-founder Mary Gooneratne said.

Following the attack, Loopscale announced it had re-enabled loan repayments, balance top-ups, and loop closing. However, “all other app functionalities, including Vault withdrawals, remain temporarily restricted” as investigations continue.

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Gooneratne clarified that only the USDC and SOL vaults were impacted, with the losses representing about 12% of the protocol’s total value locked (TVL).

DeFi Sector Continues to Face Cyber Threats!

The Loopscale team emphasized that they are fully mobilized to investigate the incident, recover the stolen funds, and protect users.

In the first quarter of 2025, hackers stole over $1.6 billion in cryptocurrencies from exchanges and on-chain smart contracts. Over 90% of these losses were attributed to the $1.5 billion hack on the centralized exchange ByBit, reportedly orchestrated by North Korea’s Lazarus Group.

Loopscale’s Innovative Lending Model

Loopscale officially launched on April 10 after a six-month closed beta. The platform aims to boost capital efficiency by directly matching lenders and borrowers.

Unlike traditional DeFi platforms like Aave, Loopscale operates on an order book model rather than liquidity pools.

Its main USDC and SOL vaults currently offer annual percentage rates (APRs) exceeding 5% and 10%, respectively. It also supports lending markets for tokens such as JitoSOL, BONK, and looping strategies for over 40 token pairs.

Loopscale holds approximately $40 million in total value locked and has attracted over 7,000 lenders, according to researcher OurNetwork.

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Crypto Attacks in Q1 2025: Bybit Breach in the Spotlight

Blockchain security firm PeckShield reported that over $1.63 billion in cryptocurrency was stolen in the first quarter of 2025, with the majority of the losses attributed to the Bybit breach. In January, $87 million worth of cryptocurrency was lost, while attacks surged in February, reaching $1.53 billion. This significant increase was largely tied to the Bybit attack, which became one of the largest crypto thefts to date.

In addition to the Bybit breach, other attacks in February also contributed to the losses, including a $50 million attack on the Infini protocol, a $9.5 million hack on zkLend, and $8.5 million in losses from Ionic.

Hack incidents decreased significantly in March, with a 97% drop in losses. PeckShield reported that only $33 million worth of crypto assets were stolen in March, and some funds were recovered, partially offsetting the damage to users and protocols.

Over 60 Crypto Attacks in Q1

According to PeckShield, over 60 crypto attacks occurred in the first quarter of 2025, resulting in $1.63 billion in losses, a 131% increase compared to the same period in 2024. The largest attack in March was a $13 million exploit targeting the Abracadabra.Money DeFi protocol. Additionally, an $8.4 million attack on the Zoth RWA restaking protocol gained attention.

In March, total losses decreased by 97% to $33 million, with some assets being returned. For example, 90% of the $5 million stolen from the 1inch exchange was returned by the hacker.

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Security Issue Resolved, Operations Restarted!

In an X post dated March 18, Four.Meme announced that its launch function is back online after addressing a security vulnerability. Earlier, it had suspended the function, stating the platform was “under attack.”

“The launch function has now been resumed after a thorough security inspection. Our team has addressed the issue and reinforced system security. Compensation for affected users is underway.”

— Four.Meme Team

$120,000 Sandwich Attack Confirmed!

Web3 security firm ExVul reported in a March 18 X post that the exploit was a market manipulation tactic known as a sandwich attack, netting the attacker $120,000.

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According to ExVul, the attacker “pre-calculated the address for creating the liquidity pool’s trading pair” and used one of the platform’s functions to purchase tokens. This allowed them to bypass Four.Meme’s token transfer restrictions.

“Subsequently, the hacker lay in wait for Four.Meme to add liquidity to the transaction, ultimately siphoning off the funds.”

— ExVul

CertiK Also Confirms: The Attacker Escaped with 192 BNB!

Blockchain security firm CertiK confirmed similar details, stating that the attacker transferred an imbalanced amount of unlaunched tokens to pair addresses before the liquidity pair was created. They then manipulated the price at launch for profit.

For example, in the case of the SBL Token, the attacker sent a small amount of SBL Token to the pre-calculated pair address, then made a 21.1 BNB profit by sandwiching the liquidity addition transaction at launch.

In total, the attacker walked away with approximately 192 BNB (worth about $120,000), which they later sent to the decentralized crypto exchange FixedFloat, according to CertiK.

Four.Meme Hit by Its Second Exploit in Two Months!

This attack marks the second time in two months that the Four.Meme platform has been exploited. The previous attack on February 11 resulted in a loss of about $183,000 worth of digital assets.

In the wider crypto industry, February saw $1.53 billion in losses due to scams, exploits, and hacks, with the $1.4 billion Bybit hack accounting for the majority of the losses.

Blockchain analytics firm Chainalysis reported a total of $51 billion in illicit transaction volume over the past year. This increase is attributed to a professionalized era of crypto crime dominated by AI-powered scams, stablecoin laundering, and efficient cybercriminal syndicates.

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A major development has shaken the crypto investment world. Well-known on-chain investigator ZachXBT has claimed that the so-called “Hyperliquid whale,” who trades with 50x leverage on the Hyperliquid exchange, is in fact a cybercriminal gambling with stolen funds.

This whale managed to survive liquidation attempts by crypto investors and secured an impressive $9 million in net profit. ZachXBT emphasized that this whale has no connection to the North Korea-backed Lazarus Group. Earlier this year, in February 2025, ZachXBT had linked the $1.5 billion Bybit hack to that hacker collective. Now, he has followed the trail to this Hyperliquid whale.

“Crypto Twitter Is Speculating, But the Truth Is More Sinister”

ZachXBT made the following statement on X (Twitter):

“It’s funny watching CT speculate on the ‘Hyperliquid whale’ when in reality it’s just a cybercriminal gambling with stolen funds.”

Responding to a follower’s question regarding potential ties to the Lazarus Group, ZachXBT replied:

“No, there’s no connection to Lazarus.”

Some users asked ZachXBT to reveal the whale’s identity. However, he responded by saying:

“We’ll see, it’s just not enjoyable posting investigations on X/Twitter anymore.”

Failed Attempts to Liquidate the Whale

For weeks, the crypto market has speculated about who the Hyperliquid whale is and how they could be stopped. The whale had opened 40x and 50x short positions on Bitcoin (BTC) and Ethereum (ETH), drawing massive attention.

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The whale notably opened a $450 million short position on BTC, which triggered a major reaction across the market. Traders attempted to counter this by aggressively buying up BTC, trying to force a liquidation. However, they ultimately failed. According to Lookonchain, the whale deposited an additional $5 million USDC to increase margin and avoid liquidation.

Aside from BTC and ETH, the whale also opened a $31 million short position on Chainlink (LINK) with 10x leverage and placed short orders on GMX.

A Major Threat in the Crypto Market: Stolen Funds and High-Leverage Trades

ZachXBT’s comments have reignited concerns about stolen funds re-entering circulation through decentralized finance (DeFi) protocols. The situation also highlights how cybercriminals exploit high-leverage trading to gamble with illicit funds, posing a significant risk to the overall market.

While the true identity of this whale remains undisclosed, the broader question for the crypto ecosystem is how to address these high-risk scenarios and prevent bad actors from destabilizing the markets.

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Binance Leads Capital Flow After Bybit Security Breach

Binance has recorded a net inflow of $3.971 billion in the past week, significantly outpacing the combined $396.83 million inflows of nine other major cryptocurrency exchanges. This notable difference follows a surge in capital movement across exchanges after the recent Bybit security breach.

Following the security exploit at Bybit, a significant liquidity shift was observed among investors and users, with a large portion of capital moving to Binance. As a result, Binance quickly captured a major share of the market’s capital flow.

This shift has led Binance to receive 10 times the inflows of the other nine leading exchanges combined, highlighting the concentration of capital on a single platform and reflecting the growing dominance of Binance in the sector.

Binance has not only become a major provider of trading volume and liquidity in the crypto market but also appears to have become a central force shaping global market dynamics.

Binance Reinforces Its Dominant Position in the Crypto Market with February 2025 Data

Looking at February 2025 data, Binance recorded a net inflow of $5.323 billion for the month. In comparison, the other nine exchanges (excluding Bybit) collectively saw only $1.229 billion in inflows. This difference further solidifies Binance’s dominant role in the market. Over the past year, Binance recorded net inflows exceeding $3 billion in six separate months.

In November 2024, Binance saw its highest net inflow of $9.2946 billion, marking the largest capital flow in its history.

These developments show that Binance is not only strengthening its position as a market leader but also gaining a significant advantage as the first choice for investors seeking security in the crypto market.

In future market conditions, how Binance manages such large capital inflows and balances its position with other exchanges will be critical in shaping the future of the crypto market.

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