Bitcoin News Today: High-Value Crypto Targets Fall in Sophisticated Social Engineering Schemes

Crypto thefts hit $163M in August as hackers shift strategy

Crypto-related thefts surged to $163 million in August 2025, marking a 15% increase from the $142 million reported in July, according to data from blockchain security firm PeckShield. This rise was attributed to a strategic shift by cybercriminals targeting high-value individual holders and centralized exchanges, with sophisticated social engineering and phishing tactics playing a central role in several major exploits. Notably, the month recorded 16 separate incidents, down slightly from 17 in July and 20 in June, suggesting a gradual improvement in the overall security of the crypto ecosystem [1].

One of the largest single incidents involved a Bitcoin holder who lost 783 BTC—valued at approximately $91.4 million—after falling victim to a social engineering attack. Attackers impersonated a hardware wallet and crypto exchange support team, convincing the victim to reveal sensitive wallet information. The stolen Bitcoin was immediately laundered through a privacy tool called Wasabi Wallet, which obscures transaction trails [2]. This attack occurred exactly one year after the $243 million Genesis creditor theft, highlighting a recurring pattern in targeted attacks against high-net-worth crypto holders [2].

Another major breach occurred at the Turkish exchange Btcturk, which suffered a $48 million loss after attackers gained access to its hot wallets. This marked the second major breach for Btcturk in 14 months, with its total losses now exceeding $100 million. The attack involved multi-chain exploitation across Ethereum, Avalanche, Arbitrum, Base, Optimism, Mantle, and Polygon networks. After detecting suspicious transfers, cybersecurity firm Cyvers issued alerts approximately 30 minutes after the initial breach. The stolen assets were consolidated and swapped for Ethereum through decentralized exchanges before being further laundered [3].

Additional incidents in August included a $7 million exploit at token launchpad ODIN•FUN, a $5 million theft from lending protocol BetterBank, and a $4.5 million attack on CrediX Finance, which later evolved into an apparent exit scam. Attackers initially agreed to return funds but instead sent them to the Tornado Cash mixing service, a common method for obscuring the origins of illicit assets [2]. These events underscore the growing complexity of attacks within the decentralized finance (DeFi) sector, where vulnerabilities in reward systems and liquidity pools are increasingly being exploited.

Hank Huang, CEO of Kronos Research, noted that rising crypto prices often correlate with increased attack frequency, as higher valuations create greater incentives for exploitation. Both Bitcoin and Ether reached new all-time highs in August, with Bitcoin exceeding $124,000 on August 14 and Ether surpassing $4,946 on August 24. Huang warned that while losses have declined year on year, the slow pace of security innovation could allow for further exploits in the short to medium term. However, he also highlighted that emerging technologies, including AI-driven security enhancements, could help reduce future losses [1].

PeckShield and cybersecurity experts have urged high-value targets—both individuals and corporations—to adopt proactive security measures. This includes regular audits, multi-layered wallet protections, and heightened vigilance against social engineering tactics. As the crypto market continues to mature, the ability to mitigate these risks will be critical in building trust and long-term adoption [3].

Source:

[1] Crypto thefts hit $163M in August as hackers shift strategy (https://cointelegraph.com/news/crypto-hacks-august-2025-bitcoiner-btcturk-losses)

[2] Crypto hacks jump 15% in August with $163M lost across 16 ... (https://finance.yahoo.com/news/crypto-hacks-jump-15-august-083019022.html)

[3] Crypto hacks climb 15% in August as $163M stolen across ... (https://www.mitrade.com/insights/news/live-news/article-3-1085516-20250901)