The cryptocurrency industry witnessed over $3.4 billion in theft from January through early December 2025, with the February compromise of Bybit alone accounting for $1.5 billion of that total. The massive Bybit hack in February 2025 was attributed to North Korea's Lazarus Group, demonstrating the nation state's ability to execute fewer but far more damaging attacks with increasing sophistication and patience. Personal wallet compromises have grown substantially, increasing from just 7.3% of total stolen value in 2022 to 44% in 2024, though in 2025 the share would have been 37% if it weren't for the outsized impact of the Bybit attack. Meanwhile, centralized services are experiencing increasingly large losses due to sophisticated attacks on private key infrastructure and signing processes. The challenge for 2026 will be detecting and preventing these high-impact operations before DPRK-affiliated actors inflict another Bybit-scale incident.