In a sobering revelation of the evolving threat landscape facing the digital asset ecosystem, blockchain intelligence firm TRM Labs has disclosed that over $2.1 billion worth of cryptocurrency was stolen in the first half of 2025 alone, spanning at least 75 high-profile hacks and exploits.

This staggering figure marks a 10 per cent surge over the previous first-half record set in 2022 and nearly eclipses the total stolen in all of 2024.

But beyond the monetary scale, the report reveals a deeper concern: a growing trend of state-sponsored cyber aggression weaponising  crypto assets for strategic and geopolitical purposes.

The most devastating breach to date occurred in February when Dubai-based exchange Bybit lost $1.5 billion—the largest  crypto heist in history.

TRM Labs attributes the attack to North Korean state actors, noting that the incident alone accounted for nearly 70 percent of total losses during the period and doubled the average hack size to $30 million.

“The Bybit hack redefined the threat landscape,” the report stated.

“It exemplifies how digital asset theft has transcended criminal opportunism and morphed into a tool of statecraft.”

Indeed, North Korea-linked entities were responsible for an estimated $1.6 billion of the total stolen, further entrenching Pyongyang’s status as the most prolific nation-state threat actor in the crypto sphere.

Yet the menace is diversifying. On June 18, Iranian crypto exchange Nobitex was breached for over $90 million by a group reportedly linked to Israel, Gonjeshke Darande (Predatory Sparrow).

Unusually, the stolen funds were routed to unusable vanity addresses, underscoring symbolic and political motives rather than financial gain.

TRM Labs flagged this as a “disturbing shift,” with digital asset theft increasingly deployed as a weapon in asymmetric geopolitical conflict.

The report also found that more than 80 percent of losses stemmed from infrastructure breaches, including private key theft, seed phrase leaks, and front-end compromises— attacks typically ten times costlier than other vectors.

Meanwhile, DeFi exploits such as flash loan manipulations accounted for 12 percent of losses, reflecting persistent smart contract vulnerabilities despite years of scrutiny.

As digital currencies become enmeshed in global rivalries, TRM Labs warns that conventional cybersecurity approaches are now inadequate.

“Massive breaches, often tied to nation-state operations, require a new defence paradigm,” the firm asserted, urging industrywide adoption of advanced safeguards and cross-border collaboration among regulators and law enforcement.

World Bank has approved an additional $65 million loan for Nigeria to support the Sustainable Procurement, Environmental, and Social Standards Enhancement (SPESSE) project, increasing the total financing for the initiative to $145 million.

The approval was granted on June 24, 2025, according to details posted on the World Bank’s website, which also indicates that the project’s status has moved to “active” following the approval.

The SPESSE project, initially launched with an $80 million loan approved in February 2020, aims to strengthen institutional capacity for managing procurement, environmental, and social standards in both the public and private sectors across Nigeria.

The World Bank described the project’s development objective as the establishment of sustainable capacity in these areas.

This latest approval is part of a broader wave of financing expected from the World Bank to Nigeria in 2025.

The bank is scheduled to approve loans totalling $1.61 billion over the coming months, supporting various development initiatives.

Among these is a $300 million loan for the ‘Solutions for the Internally Displaced and Host Communities Project,’ expected to be finalised by the end of July.

This project aims to improve access to basic services and economic opportunities for internally displaced persons (IDPs) and host communities in selected local government areas in northern Nigeria.

In September, the World Bank plans to approve four additional loans: a $10.5 million facility to support technical assistance for the Central Bank of Nigeria, a $300 million Health Security Program targeting Western and Central Africa (Nigeria – Phase IV), a $500 million project for building resilient digital infrastructure (BRIDGE), and a $500 million loan under the Nigeria Sustainable Agricultural Value-Chains for Growth project aimed at promoting sustainable growth and job creation within key agricultural sectors.

Earlier in March 2025, the bank approved three financing requests amounting to $1.13 billion.

These funds are directed towards projects focused on enhancing quality education, boosting household and community resilience, and improving nutrition.

Among the approved loans were $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project, $552 million for the HOPE for Quality Basic Education for All programme, and $500 million for the Community Action for Resilience and Economic Stimulus Programme.

In February, the Nigerian government announced expectations of new World Bank loans totalling $2.2 billion for six different projects in 2025. This follows a $1.5 billion loan disbursed in 2024 aimed at strengthening Nigeria’s economic stability and resource mobilisation efforts.

Nigerian Communications Commission (NCC) and Rural Electrification Agency (REA) have teamed up to develop an initiative that will reduce the $350 million annual spending on diesel by telecom operators in Nigeria.

According to a press statement  by Nnenna Ukoha, acting had of Public Affairs, NCC, this collaboration will focus on deploying renewable energy solutions to support telecom infrastructure, particularly in rural and underserved areas.

To that end, the two agencies have inaugurated what they called NCC–REA Collaboration Committee, aimed at deploying renewable energy solutions to power telecom infrastructure across the country.

According to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation, telecom operators in Nigeria consume more than 40 million litres of diesel every month, costing them over $350 million annually.

The statement read, “The Nigerian Communications Commission has formally inaugurated the NCC–REA Collaboration Committee, marking a pivotal step towards advancing Nigeria’s digital and energy inclusion objectives by developing modalities for the deployment of renewable energy to support telecom infrastructure in Nigeria.”

The inauguration ceremony, held on Friday, at the NCC Headquarters in Abuja, was presided over by Dr Aminu Maida, executive vice chairman and chief executive officer, NCC.

Maida was joined by Abba Aliyu, managing director of the REA, along with senior executives and committee members from both organisations.

Speaking at the event, Maida described the collaboration as a timely and strategic alignment of national priorities.

He noted that bridging the connectivity and power gaps in rural areas remains critical for Nigeria’s growth and development.

He highlighted that the demand for digital services and connected communities creates an opportunity for renewable energy to play a crucial role.

Maida further emphasised that the partnership goes beyond infrastructure; it is aimed at driving inclusion, reducing inequalities, and fostering shared prosperity.

“Whether it is powering a base station or enabling a child to access digital learning, this partnership has the potential to transform realities and bring opportunity closer to the people.

“This initiative is about more than infrastructure, it is about driving inclusion, bridging inequalities and creating the conditions for shared prosperity,” he was quoted in the statement.

He also noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to ensure no community is left behind in Nigeria’s energy and digital transformation.

Aliyu, representing REA, expressed confidence in the transformative potential of the collaboration.

“This partnership will unlock sustainable development opportunities for millions of Nigerians, especially those in areas lacking traditional infrastructure,” he said.

He further emphasised that the collaboration would address both energy and connectivity gaps, benefiting those who are currently underserved.

The newly established NCC-REA Collaboration Committee will work to co-develop and implement integrated solutions that leverage renewable energy to power telecom sites.

The statement noted that the committee will also focus on sharing geospatial data to improve planning, aligning funding frameworks, and tracking the socio-economic impact of the project through clear performance indicators.