Malicious actors and scammers stole at least $142 million from the cryptocurrency sector through 17 independent attacks in July, with the attack on cryptocurrency exchange CoinDCX resulting in the largest losses.
Blockchain security company PeckShield stated in a post on X on Friday that the total monthly losses increased by 27% compared to June's $111 million.
However, this still represents a 46% decrease from the same period last year, when hackers stole $266 million in July 2024, with a $230 million breach at Indian cryptocurrency exchange WazirX accounting for the largest share at that time.
PeckShield noted that the attackers who stole $40 million in cryptocurrency from the GMX decentralized exchange on July 11 (the second-largest hack of the month) returned the stolen funds a few days later.
Indian cryptocurrency exchange CoinDCX was hacked for $44 million on July 18, with CEO Sumit Gupta describing it as "a complex server vulnerability attack." A CoinDCX employee was arrested on Thursday in connection with the incident.
Just days earlier, on July 16, cryptocurrency exchange BigONE suffered a third-party attack on its hot wallet infrastructure, resulting in at least $27 million in losses.
The third-largest incident in July involved cryptocurrency trading platform WOO X, which was breached through a phishing attack on July 24, leading to at least $14 million being stolen.
Rob Behnke, chairman of blockchain security company Halborn, stated in a report on Tuesday that the malicious actors behind the WOO X hack used social engineering tactics to target a team member and gain access to their device.
"In this case, the attackers used social engineering to compromise a team member's computer. From there, they could pivot to the development environment, exploiting the trust in the system to drain user accounts," he said.
Funds were stolen across multiple chains, including Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and Arbitrum (ARB).
Accounts affected by the incident later had their balances restored from the company's treasury.
According to Behnke, hackers have recently shown a trend of targeting high-value attacks on off-chain systems.
"Attackers are no longer looking for exploitable smart contract vulnerabilities that can be identified and addressed through smart contract security audits, but are instead seeking weaknesses in backend infrastructure and processes," he said.
Related: Report: The number of cryptocurrency class action lawsuits may double by 2025
Original: “July Cryptocurrency Hack Losses Exceed $142 Million, CoinDCX Leads in Losses”
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