Crypto Losses Hit $142M in July as Hacks and Scams Rise 27% From June

The cryptocurrency sector experienced a significant surge in losses in July 2025, totaling $142 million from hacks and scams, according to blockchain security firm PeckShield. This represents a 27% increase from June’s losses of $111 million, though it remains below the $266 million stolen during the same period in 2024 [1]. The incidents were concentrated in a few high-impact attacks, with Indian crypto exchange CoinDCX suffering the largest breach at $44 million [1].

The CoinDCX breach on July 19 stemmed from a sophisticated server-side compromise that began with a social engineering attack. A staff engineer was deceived into installing malware on his company-issued laptop after receiving a fake job offer. The malware provided unauthorized access to internal systems, ultimately allowing attackers to drain funds from one of CoinDCX’s operational wallets. The engineer, Rahul Agarwal, was later arrested, although he denied direct involvement in the theft [1]. The company absorbed the loss using its corporate treasury.

Other notable breaches in July included a $42 million loss at decentralized derivatives platform GMX. Attackers exploited a contract vulnerability but returned approximately $40.5 million in Ethereum and Frax Dollar. Centralized exchange BigONE lost $28 million after a third-party hot wallet provider was compromised, while WOO X reported a $12 million loss following a social engineering attack that enabled unauthorized transactions over two hours [1].

PeckShield’s analysis highlighted that the attacks primarily targeted off-chain infrastructure and individual employees rather than on-chain smart contracts, reflecting a strategic shift in cybercriminal tactics. These incidents underscore the growing sophistication of hackers in identifying and exploiting operational weaknesses and human vulnerabilities.

The broader context for these events is alarming. In the first half of 2025 alone, crypto services have lost $2.17 billion—already surpassing the $1.87 billion in losses recorded in 2024. When including wallet thefts and phishing scams, the total value of stolen assets exceeds $2.8 billion, according to a midyear report by Chainalysis. If current trends continue, industry losses could exceed $4 billion by the end of the year [1].

Chainalysis noted that 23% of crypto thefts in 2025 involved attacks on personal wallets, often linked to violent coercion. The report emphasized that while centralized platforms are improving smart contract audits and on-chain monitoring, attackers are increasingly focusing on off-chain vulnerabilities. Experts warn that without faster detection methods and stricter access controls, the industry remains at high risk of continued exploitation [1].

Source: [1] https://invezz.com/news/2025/08/01/crypto-losses-surge-to-142m-in-july-as-hackers-exploit-weak-infra/