State-Backed Hackers Strike Crypto Assets for $2 Billion, Highlighting Urgent Need for Better Controls

State-Backed Hackers Reinforce Need for Better Crypto Controls A recent surge in state-backed hacking activities has highlighted the growing threat to cryptocurrency investors, with North Korean hackers stealing over $2 billion in crypto assets in 2025 alone. According to research by blockchain analysis firm Elliptic, these hackers have been responsible for more than 30 hacks this year, targeting both exchanges and high-net-worth individuals. The attacks have accelerated as the price of cryptocurrencies continues to rise, with Bitcoin reaching an all-time high of $124,000 per token. "The appeal of crypto wallets and assets has increased significantly, making them a prime target for hackers," said Tom Robinson, co-founder of Elliptic. "State-backed actors are taking advantage of this trend to steal billions from unsuspecting investors." Background research by Elliptic reveals that North Korean hackers have been using sophisticated tactics to infiltrate exchanges and broker-dealers, exploiting vulnerabilities in security protocols to gain access to sensitive information. The hacks have also targeted high-net-worth individuals, with the goal of stealing large sums of crypto assets. The implications of these attacks are far-reaching, highlighting the need for better controls and regulations in the cryptocurrency sector. "These state-backed hackers are a clear threat to the integrity of the crypto market," said Robinson. "It's essential that exchanges, broker-dealers, and investors take immediate action to strengthen their security protocols and protect themselves from these types of attacks." In response to the growing threat, some experts are calling for increased regulation and oversight in the cryptocurrency sector. "The lack of clear regulations and guidelines has created a Wild West environment, where hackers can operate with relative impunity," said Sarah Jones, a cybersecurity expert at a leading financial institution. As the crypto market continues to grow, it's essential that investors and exchanges prioritize security and take proactive measures to protect themselves from state-backed hacking activities. "The stakes are high, and the consequences of inaction will be severe," warned Robinson. "It's time for the industry to come together and implement robust controls to prevent these types of attacks." Current status: The cryptocurrency sector is facing a growing threat from state-backed hackers, with over $2 billion stolen in 2025 alone. Exchanges and broker-dealers are taking steps to strengthen their security protocols, but more needs to be done to protect investors. Next developments: As the crypto market continues to evolve, it's likely that we'll see increased efforts to regulate and oversee the sector. Investors and exchanges must prioritize security and take proactive measures to prevent state-backed hacking activities. *Reporting by Forbes.*