01.08.2025 15:20

July 2025 witnessed a significant surge in cryptocurrency hacks, resulting in staggering losses for the industry despite a robust market rally. A total of $142 million in user funds were stolen across approximately seventeen major incidents, representing a 27% increase compared to June's $111 million in losses, according to data from internet sources.

The most substantial single incident involved CoinDCX, a cryptocurrency exchange that suffered a $44 million exploit. This represented the largest portion of the total losses for the month. Another notable event was a $27 million theft from BigONE, attributed to a third-party hot wallet attack. While a $40 million hack targeted the GMX decentralized exchange, the attacker surprisingly returned all stolen funds, mitigating the ultimate financial impact.

Security experts, such as Michael Behnke, have observed a concerning trend: hackers are increasingly focusing their efforts on off-chain systems and backend infrastructure vulnerabilities, rather than solely targeting on-chain assets. This shift highlights the evolving nature of cryptocurrency security threats and the need for more robust defensive strategies.

Adding to the complexities surrounding the July hacks, the month's losses, though substantial, were considerably lower than those seen in July 2024. In that period, hackers stole $266 million, with a significant portion attributed to a $230 million breach at WazirX, an Indian cryptocurrency exchange. The recent CoinDCX hack, following rumors of a potential Coinbase acquisition valuing the company at $900 million (a claim denied by CoinDCX CEO Sumit Gupta), has further intensified scrutiny of the industry's security practices. The arrest of a CoinDCX employee in connection with the hack underscores the ongoing investigation and the seriousness with which authorities are pursuing these cases, though further details remain undisclosed.