The cryptocurrency industry has lost $22.7 billion in scams and hacks since 2011, according to a new report by blockchain analytics platform Crystal Intelligence.
There were more than 1,000 confirmed incidents involving decentralised finance (DeFi) hacks, fraud and security breaches, with Ethereum the most frequently targeted crypto, the research found.
Ethereum was also the most targeted asset in 2024-2025, involved in 98 incidents totalling $2 billion in losses. It was central to the largest thefts, most frauds, and nearly all mixer-based laundering activity.
“While Bitcoin and Solana also appeared frequently, ETH’s deep integration across DeFi and infrastructure layers makes it a recurring focus for attackers,” the report said.
There has been declining incident volume alongside rising financial losses over the 12-month period from April 2024 to March 2025. During this time, 184 incidents were recorded – a 44 per cent drop from the year before – but the total value stolen increased by 33 per cent to reach $3.6 billion, the data revealed.
This shift was driven in large part by a handful of high-value thefts, most notably the $1.5 billion Bybit exploit in February 2025. That single incident – the largest crypto theft yet recorded – indicates a growing trend towards targeted, sophisticated attacks that cause outsize damage in a short timeframe, according to the report.
Bybit said it was hit by what was the biggest cryptocurrency robbery ever recorded, in which 401,000 Ethereum worth more than $1.5 billion was stolen.
The crime was carried out through a "manipulation of the transfer process, during a planned routine transfer" on one of its cold wallets, the company said. A cold wallet is cryptocurrency storage that is not connected to the internet, shielding it from the possibility of theft or hacks.
The US's Federal Bureau of Investigation said North Korea was responsible for the theft.
“Attackers exploit reduced oversight to maximise exit time,” Nick Smart, chief intelligence officer at Crystal Intelligence, said.
“Crypto crime has entered a new phase, one defined less by volume and more by the scale and sophistication of individual incidents.”
Watch: Crypto scams see sharp rise amid fears of missing out
Cryptocurrency scams generated at least $9.9 billion on-chain, meaning those that occur on the blockchain and have been reflected on the public ledger, last year, according to February data provided by blockchain company Chainalysis.
Stablecoins now account for 63 per cent of all illicit transaction volumes, a separate Crypto Crime report by Chainalysis found in January. Until 2021, Bitcoin was unequivocally the cryptocurrency of choice among cyber criminals, probably due to its high liquidity, Chainalysis’s report said.
The US recorded the most incidents with 40 crypto thefts worth just over $1 billion, while Hong Kong led by value with 15 thefts worth nearly $1.2 billion, according to the Crystal Intelligence report.
“The 2019 Plus Token fraud still leads the list at $2.9 billion, underscoring how early Ponzi-style schemes set the bar for losses. But the 2025 ByBit breach marks a dangerous evolution. Not only is it the third largest, but it's also the most recent and highly sophisticated, involving private key compromise and cross-chain laundering,” the study said.
Security breaches accounted for 56 cases in 2024/25, resulting in $2.5 billion in losses – nearly 70 per cent of the annual total. While these incidents made up 30 per cent of all attacks, they were disproportionately costly, Crystal Intelligence’s data showed.
DeFi breaches saw a decline in both frequency and value. There were 75 incidents totalling $372.8 million, a significant drop from $577.5 million the year prior.
Fraud incidents, including investment scams and address manipulation schemes, dropped sharply to 53 cases. However, total fraud losses still reached $716 million, making it the second most expensive attack type.
The report called for greater industry collaboration in real-time response to large-scale incidents and enhanced wallet behaviour monitoring to flag laundering through mixers or cross-chain bridges.
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
Best Fans of the Year: Sharjah
Goal of the Year: Michael Ortega (Baniyas)
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Brief scoreline:
Wales 1
James 5'
Slovakia 0
Man of the Match: Dan James (Wales)
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
How to get there
Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
The years Ramadan fell in May
UAE currency: the story behind the money in your pockets
How Islam's view of posthumous transplant surgery changed
Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.
Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.
The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.
One school of thought viewed the removal of organs after death as equally impermissible.
That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.
Sreesanth's India bowling career
Tests 27, Wickets 87, Average 37.59, Best 5-40
ODIs 53, Wickets 75, Average 33.44, Best 6-55
T20Is 10, Wickets 7, Average 41.14, Best 2-12
THE%20FLASH
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Andy%20Muschietti%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Sasha%20Calle%2C%20Ben%20Affleck%2C%20Ezra%20Miller%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
The biog
Family: He is the youngest of five brothers, of whom two are dentists.
Celebrities he worked on: Fabio Canavaro, Lojain Omran, RedOne, Saber Al Rabai.
Where he works: Liberty Dental Clinic
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
