Mid-year update: Crypto thefts top $2.17 billion in 2025, shows data
Blockchain analytics platform Chainalysis' 2025 crypto crime mid-year update says that over USD 2.17 billion was stolen from cryptocurrency services so far in 2025, and "this year is more devastating than the entirety of 2024".
By the end of June 2025, 17 per cent more value had been stolen year-to-date (YTD) than in 2022, previously the worst year on record. The $1.5 billion hack of ByBit, the largest single hack in crypto history, accounts for the majority of service losses. So far in 2025, significant concentrations of stolen fund victims have emerged in the US, Germany, Russia, Canada, Japan, Indonesia, and South Korea, it said. "Regionally, Eastern Europe, MENA, and CSAO (Central and Southern Asia and Oceania) saw the most rapid H1 2024 to H1 2025 growth in victim totals," it said. The report revealed that threat actors who have compromised services tend to exhibit higher levels of sophistication than those targeting personal wallets.
At USD 1.5 billion, the ByBit hack not only represents the largest crypto theft in history, but also accounts for approximately 69 per cent of all funds stolen from services this year, Chainalysis said. "The sophistication and scale of this attack underscore the evolving capabilities of state-sponsored threat actors in the crypto space, and comes after a notable slowdown in the second half of 2024," it added. The report assumes significance in the backdrop of Indian cryptocurrency exchange CoinDCX suffering a security breach, resulting in theft of USD 44.2 million, or Rs 378 crore. CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal took to the social media platform X to reassure that customer funds remained unaffected and safe, with the compromise limited to an internal operational account. The total exposure is being absorbed entirely by CoinDCX, using the company's treasury reserves, the company said in a First Incident Report released on Sunday. Last year, crypto exchange WazirX faced a hack in India, leading to the loss of more than USD 230 million, and marking one of the biggest such heists in India. The theft had prompted a thorough examination of safety measures and eroded sentiments.
Among other notable cryptocurrency thefts are those involving Cetus Protocol, which saw losses estimated between USD 200-260 million in May this year, and BigONE, which suffered a theft of USD 27 million in July 2025. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. From near bankruptcy to blockbuster drug: How Khorakiwala turned around Wockhardt
Paid less than plumbers? The real story of freshers' salaries at Infy, TCS.
What if Tata Motors buys Iveco's truck unit? Will it propel or drag like JLR?
As deposit ground slips under PSU banks' feet, they chase the wealthy
If data is the new oil, are data centres the smokestacks of the digital age?
Stock Radar: M&M likely to break out from 1-year consolidation range; time to buy?
Will consumer stocks see a comeback this festive season? 12 stocks to keep an eye on even when analysts are not bullish
Don't fear volatility, focus on businesses: 5 mid-cap stocks from different sectors with upside potential of up to 27%
Best way to deal with volatility, just ' Hold' for wealth creation: 7 large-cap stocks with an upside potential of up to 41%
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
25 minutes ago
- Mint
India-UK FTA to boost bilateral trade for pharma, medtech, say industry bodies
The India-UK free trade agreement, signed on Thursday, is expected to open up new opportunities for Indian pharmaceutical and medical device makers. The deal is also expected to improve access to medical devices from the UK in India. Medical device manufacturers anticipate an increase in trade between the two countries but are awaiting clarity on non-tariff measures and on whether regulatory processes will be streamlined. 'Previously, medical devices imported into the UK were duty-free, so tariff restrictions were not an issue but regulatory approval costs and time were a challenge,' said Rajiv Nath, forum coordinator of industry body Association of Indian Medical Device Industry (Aimed). The body had previously sought recognition of regulatory approvals from the CDSCO or the Quality Council of India's voluntary Indian Certification for medical devices to fast-track approvals by the UK's Medicines and Healthcare products Regulatory Agency (MHRA). 'We look forward to an update on this,' said Nath. However, medtech manufacturers are also seeking strict monitoring of imports to India, to prevent other countries rerouting products into India through the UK. Mint had previously reported that domestic manufacturers raised concerns over the possibility of Chinese-origin products being routed through the UK to exploit the zero-tariff provisions under the FTA. India levies about 7.5% import duties on medical devices from the UK, which are expected to come down in a phased manner after the deal, Nath said. In 2024, medical device exports to the UK increased by 13% year-on-year to ₹ 1,015 crore, while imports from the UK rose 36% to ₹ 2,295 crore, according to Exim data. 'It not only strengthens trade ties but also opens new avenues for advanced technology collaborations between Indian and UK companies,' Himanshu Baid, managing director of Poly Medicure Ltd, said in a statement. 'With India exporting medical devices worth approximately $115 million to the UK, one of our top 10 export destinations, this agreement is poised to further boost our presence,' he added. The trade deal is also expected to open up the market for India's generic drugmakers. 'As per the indications, the pharma sector will have opportunities to supply affordable and quality assured medicine contributing to better patient care in the UK,' said Sudarshan Jain, secretary general of the Indian Pharmaceutical Alliance (IPA). 'We are awaiting further details to identify specific areas where these opportunities can be effectively leveraged,' he added. Generic players like Lupin, Biocon, Dr. Reddy's Laboratories and Wockhardt, which have exposure to the UK market, could stand to benefit.
New Indian Express
26 minutes ago
- New Indian Express
UK, India say no room for double standards on terrorism in Modi–Starmer talks
NEW DELHI: India and the United Kingdom on Thursday sent a strong, united message against terrorism, with both Prime Minister Narendra Modi and his British counterpart Keir Starmer agreeing that there can be no double standards in tackling extremism. Following a bilateral meeting at the Chequers Estate, Modi thanked Starmer for the UK's strong condemnation of the April terrorist attack in Pahalgam, Jammu and Kashmir, which claimed 26 lives. 'We are united in our view that there can be no place for double standards in the fight against terrorism,' Modi said. 'We also agree that forces with extremist ideologies must not be allowed to misuse democratic freedoms. Those who misuse democratic freedoms to undermine democracy itself must be held to account.' The statement, also seen as a veiled reference to pro-Khalistani activities abroad, comes amid growing Indian concern over threats to Indian diplomats and missions in the UK. Foreign Secretary Vikram Misri later said that India had raised the issue during the bilateral talks. Both sides reaffirmed their commitment to enhancing cooperation between their security agencies, including on the extradition of economic offenders, a longstanding demand from India involving several high-profile fugitives residing in the UK. The two leaders also discussed regional and global challenges. 'We exchanged views on peace and stability in the Indo-Pacific, the conflict in Ukraine, and the situation in West Asia,' Modi said. 'India supports the early restoration of peace and stresses that respect for the sovereignty and territorial integrity of all nations is essential. The demand of today's era is not expansionism, but developmentalism.' Modi also expressed condolences for British nationals who died in last month's Air India crash in Ahmedabad. The meeting, which included a private one-on-one between the leaders, also laid the foundation for a long-term bilateral agenda. A 'Vision 2035' roadmap is being drafted to energize the India–UK Comprehensive Strategic Partnership over the next decade, spanning trade, defence, clean energy, and technology cooperation.
Time of India
26 minutes ago
- Time of India
Empowering smallholder farmers & marginal farmers through formation & promotion of FPOs
Dr. Prashant Prabhakar Deshpande has post-graduated in Economics with a Gold Medal in 1976 and was awarded a Ph.D in Social Sciences from Nagpur University in 2007. Introduction The Central Sector Scheme for Formation and Promotion of 10,000 Farmer Producer Organisations (FPOs) was launched by Prime Minister Narendra Modi on 29th of February, 2020. The scheme was launched with a budget outlay of Rs 6,865 crore till 2027-28. Since the launch of the scheme, Rs 254.4 crore in equity grants have been released to 4,761 FPOs and credit guarantee cover worth Rs 453 cr has been issued to 1,900 FPOs. Recently, FPOs were in the spotlight as India reached a transformative milestone by establishing 10,000 Farmer Producer Organisations (FPOs), ahead of the March 31, 2025, deadline, collectively bringing together nearly 30 lakh farmers across the country, 40% of whom are women. These FPOs are now conducting business worth thousands of crores of rupees, contributing immensely to the growth of the agricultural sector. On the occasion of the release of the 19th instalment of PM-KISAN in Bhagalpur, Bihar, the Prime Minister launched the 10,000th FPO, a milestone marking a significant leap in Farmer Welfare and inclusive agricultural development. The 10,000th FPO was registered in Khagaria district and focuses on maize, banana, and paddy. The concept behind the Farmer Producer Organisations Farmers who are the producers of agricultural products can form groups. To facilitate this process, the Small Farmers' Agribusiness Consortium (SFAC) was mandated by the department of agriculture and cooperation, ministry of agriculture, government of India, to support the state governments in the formation of FPOs. Objectives To provide a holistic and broad-based supportive ecosystem to form to facilitate the development of vibrant and sustainable income-oriented farming and overall socio-economic development and wellbeing of the agrarian communities. To enhance productivity through efficient, cost-effective, and sustainable resource use to realise higher returns through better liquidity and market linkages for their produce and become sustainable through collective action. To provide handholding and support to new FPOs up to five years from the year of their creation in all aspects of management of FPO, inputs, production, processing and value addition, market linkages, credit linkages, and use of technology etc. To provide effective capacity building to FPOs to develop agriculture entrepreneurship skills to become economically viable and self-sustaining beyond the period of support from the government. The Farmer Producer Organisations (FPOs) The FPOs are collectives formed by farmers to: Enhance productivity; Reduce costs, and; Improve market access through cooperation. The primary aim of an FPO is to enable farmers to benefit from the economies of scale, enhancing overall Farmer Welfare. The Small Farmers' Agribusiness Consortium (SFAC) under the Ministry of Agriculture plays a pivotal role in supporting the formation of the FPOs, which are registered under either: The Companies Act, or; The Co-operative Societies Act. Need for FPOs Small, marginal, and landless farmers face challenges during the agriculture production phase, such as: Access to technology; Quality seeds; Fertilisers and pesticides, and; Requisite finances. Challenges in marketing their produce due to a lack of economic strength. FPOs help in the collectivisation of such small, marginal, and landless farmers, giving them collective strength to deal with such issues. managing their activities together to get: Better access to technology; Inputs; Finance, and; Market for faster enhancement of their income. The way FPOs help Smallholder Farmers Achieving Economies of Scale FPOs help small and marginal farmers reduce input costs and secure better prices by aggregating purchases and sales. Enhanced Credit Access Access to institutional credit since long a barrier for smallholders, is improved through FPOs, aligning such support with ongoing government schemes for farmers aimed at financial inclusion. Accessing Global Markets FPOs enable smallholders to access international markets. Overcoming Shrinking Farm Sizes With average landholding size shrinking from 1.08 hectares in 2015–16 to just 0.74 hectares in 2021–22, FPOs help farmers aggregate resources and invest in modern equipment. This consolidation enables economies of scale: Allowing for bulk purchases; Shared services, and; Use of advanced machinery is improving productivity, a key enabler of agricultural sector growth. Supporting Value-Addition & Processing Through shared infrastructure like mini-mills and cold storage FPOs help farmers earn more by adding value to raw produce, strengthening Farmer Welfare through diversified income streams. Key Features of the Scheme Up to Rs 18 lakh financial aid over 3 years Matching equity grant of Rs 2,000 per farmer (max Rs 15 lakh) Credit Guarantee up to Rs 2 Crore in project loans Cluster-based handholding support for 5 years Challenges Faced by FPOs Many farmers joining FPOs have limited exposure to modern agricultural practices, quality standards, and market requirements. Most farmer-leaders lack formal training in business management, financial planning, human resources, and strategic planning. Most FPOs begin with minimal capital contributed by farmer members who themselves have limited financial resources, creating a precarious situation where the organisation struggles to invest in necessary infrastructure, working capital, or growth opportunities. Farmer members often expect immediate benefits from their FPO membership but are reluctant to make significant financial contributions. Traditional financial institutions often view these organisations as high-risk borrowers due to their agricultural focus, limited collateral, and perceived management weaknesses. Many FPOs lack the market intelligence necessary to make informed decisions about what to produce, when to sell, and at what prices, putting them at a disadvantage competing with established suppliers or negotiating with buyers. Epilogue By fostering collectivisation, enhancing market access, and providing financial and institutional support, the initiative has empowered millions of small and marginal farmers, including women and economically weaker sections, boosting agricultural productivity and income, contributing to rural job creation and economic resilience. As FPOs continue to evolve, they promise a more equitable and resilient future for India's agricultural landscape, it is opined. Critics however state that it is critical to move beyond numbers. They opine a target-oriented approach may work in the initial phase. As such, although reaching the target of 10,000 FPOs ahead of the March 31, 2025 deadline is commendable, there is now a need to focus on better outcomes. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
