Crypto Industry Suffers $18 Million Loss Amidst Crackdown on Illicit Activity

October 2025 saw the cryptocurrency industry grapple with a series of major attacks, resulting in a staggering $18.18 million in losses. The incidents, attributed to a combination of illicit activity and cybersecurity breaches, have sparked concerns about the industry’s vulnerability. The U.S. Treasury Department intensified its crackdown on crypto-related crimes, sanctioning numerous exchanges suspected of facilitating cyber theft, including notable figures like Garantex and Lazarus Group. The government’s actions highlight a concerted effort to combat illicit activity and bolster financial stability within the virtual asset space.