While North America leads in total volume, Asia stands out for state-sponsored attacks, violent assaults, and complex networks.
The mid-year report published by Chainalysis on Thursday (17) shows that the Asia-Pacific region now ranks second in Bitcoin thefts.
While North America leads in total theft volume, Asia stands out for its combination of state-sponsored attacks, violent assaults, and complex money laundering networks. Japan, Indonesia, and South Korea are among the countries with the highest number of victims, and the region as a whole ranks third in Ethereum losses.
The cryptocurrency crime ecosystem in the region has transformed into a complex web, where North Korean hackers execute billion-dollar thefts, criminal organizations kidnap executives for ransom, and local financial platforms serve as unwitting channels for laundering stolen funds.
One example is the $1.5 billion hack against Bybit, linked to North Korea, considered the largest in the industry and highlighting the scale of state-linked threats in the region.
“Illicit actors may try to launder and eventually withdraw funds through any service with sufficient liquidity,” said Eric Jardine, head of research on cybercrime at Chainalysis, to Decrypt.
When asked about regional patterns of how crypto crimes impact the trust of Asian communities, Jardine stated to Decrypt that there is a lack of systematic data on the subject.
“Negative events can undoubtedly affect people's trust, so it is reasonable to assume that frequent crypto attacks harm sentiment towards these assets,” he said, adding that factors such as user behavior, cause of theft, and authorities' response also shape public reaction.
‘Real human cost’
Chainalysis highlighted the murder of Anson Que, a Sino-Filipino steel magnate, as a hallmark case of the growing overlap between the crypto world and violent crime.
The case exemplifies a broader pattern observed in Asia, where “wrench attacks” — a term used to describe physical assaults aimed at stealing crypto assets — have increased in parallel with fluctuations in Bitcoin's price.
In March of last year, Que and his driver were kidnapped in Bulacan province, and their bodies were later found, bound and beaten, in neighboring Rizal.
According to the investigation coordinated between Chainalysis and the Philippine police, the kidnappers used casino operators and crypto payment channels to receive the ransom. The company also worked with Tether to freeze part of the amount paid, which was in USDT.
Initially, authorities estimated the ransom amount at ₱20 million, but later confirmed that ₱200 million (about US$3.5 million) was laundered in crypto through casino digital wallets and front accounts.
The tragic loss of Que and his associate, Pabillo, “reminds us of the real human cost behind these crimes,” stated Chainalysis.
Nonetheless, the company argues that the case demonstrates how the immutable nature of blockchain “can be a powerful tool for justice,” ensuring that “those who exploit others cannot simply disappear into the digital shadows.”
Acknowledging the security challenges faced by the crypto ecosystem in Asia, Jardine told Decrypt that while “limited awareness of threats and unavailability of tools are clearly a challenge,” the industry needs to act.
“The ecosystem as a whole has the responsibility to improve access to cryptocurrencies for everyone,” he stated, “ensuring that this can be done effectively and with minimal risks.”
