Shares fell sharply in the cryptocurrency market after blockchain-monitoring firms reported that hackers stole over $2.7 billion in crypto in 2025, a new record for crypto-stealing hacks. The massive heist, which occurred in dozens of crypto exchanges and decentralized finance (DeFi) projects, was attributed to North Korean government hackers by blockchain analysis firms and the FBI. The largest hack was the breach at Dubai-based crypto exchange Bybit, where hackers stole around $1.4 billion in crypto.

According to data shared with TechCrunch, blockchain analysis firms Chainalysis and TRM Labs estimated a total of $2.7 billion stolen in crypto in 2025. Chainalysis also tracked another $700,000 stolen from individual crypto wallets. DeFi, the web3 security firm running the REKT database, reported that the Bybit hack was the largest known loot of crypto of all time, and one of the largest financial heists in history.

The Bybit hack surpassed previous record-breaking crypto thefts, including the 2022 breaches against the Ronin Network and the Poly Network, which netted hackers $624 million and $611 million, respectively. The massive scale of the Bybit hack has raised concerns about the security of the cryptocurrency market and the vulnerability of exchanges and DeFi projects to cyber attacks.

"We've seen a significant increase in the sophistication and frequency of these attacks, and it's clear that the bad actors are getting more brazen," said a spokesperson for Chainalysis. "The fact that they were able to steal over $1.4 billion from Bybit is a stark reminder of the need for better security measures in the crypto space."

The North Korean government hackers, who have been linked to several high-profile cyber attacks in recent years, have been accused of using advanced tactics to breach the Bybit exchange. The hackers are believed to have exploited a vulnerability in the exchange's system, allowing them to steal the massive sum of crypto.

The impact of the Bybit hack is being felt across the cryptocurrency market, with many investors and traders expressing concern about the security of their funds. The hack has also raised questions about the regulatory framework for cryptocurrency exchanges and DeFi projects, and whether more stringent measures are needed to prevent such attacks in the future.

As the cryptocurrency market continues to evolve and grow, the need for better security measures and regulatory oversight has become increasingly clear. In the wake of the Bybit hack, many are calling for greater transparency and accountability in the crypto space, and for more robust measures to prevent such attacks in the future.

The current status of the Bybit hack is that the exchange has announced that it is working with law enforcement to investigate the breach and recover the stolen funds. The exchange has also taken steps to enhance its security measures, including implementing new protocols to prevent similar attacks in the future. However, the full extent of the damage and the long-term impact of the hack on the cryptocurrency market remain to be seen.