July 2025 Crypto Hack Losses Rise 27.2% to $142 Million

July 2025 saw a sharp increase in cryptocurrency-related cyberattacks, with reported losses reaching $142 million, according to blockchain security firm PeckShield [1]. This marked a 27.2% rise from the previous month’s total losses of $111.6 million [2]. The surge was largely driven by two major incidents: a $44.2 million insider breach at Indian exchange CoinDCX and a $42 million re-entrancy attack on the GMX protocol [2].

CoinDCX’s breach was attributed to a sophisticated server-side attack, resulting in the exfiltration of $44 million. The company confirmed the involvement of law enforcement, with one employee already arrested in connection to the incident [2]. Meanwhile, GMX suffered a $42 million exploit on its Arbitrum-based platform, where the hacker manipulated the GLP token’s price. Although the attack initially raised alarms, most assets were later returned, mitigating long-term damage [2].

Beyond these, multiple other platforms were targeted, including the DeFi protocol CrediX, which lost approximately $2.64 million after a hacker gained unauthorized administrative access to its multisig wallet [3]. The attacker exploited high-level permissions such as POOL_ADMIN and EMERGENCY_ADMIN to mint unbacked collateral tokens and drain liquidity pools. This method bore similarities to the 2024 WazirX breach, where compromised accounts were used to execute large-scale fraudulent transactions [3].

The July figures reflect a broader trend of deteriorating security in the crypto space. In 2025 alone, over $2.2 billion has been lost through 344 security incidents, significantly exceeding the total losses of 2024 [3]. Wallet-related breaches and phishing scams accounted for a major portion of the damage, with $1.7 billion and $410 million lost respectively [3]. Although some assets have been recovered—$187 million through law enforcement and white-hat collaborations—the net loss for the year now stands at approximately $2.29 billion [3].

In response to the CrediX breach, the protocol shut down its website and directed users to withdraw funds directly via smart contracts. The team pledged to reimburse users within 24–48 hours and has announced plans for a post-mortem analysis after the restoration process [3]. The incident highlights a recurring issue in the industry: the exploitation of weak administrative access controls and multisig security protocols [3].

Security experts have noted a shift in attack strategies, with hackers increasingly targeting off-chain infrastructure rather than on-chain smart contracts [2]. Michael Behnke, a cybersecurity expert at Halborn, stated that this trend reflects the evolving sophistication of attackers [2]. As such, the crypto industry is being urged to adopt stronger security measures and clearer regulatory frameworks to mitigate risks.

The July 2025 figures underscore the urgent need for enhanced cybersecurity across both centralized and decentralized platforms. With losses continuing to mount and attack methods becoming more complex, the future of the crypto industry will depend on a combination of technological innovation and regulatory oversight to restore trust and prevent further exploitation [1][2][3].

Sources:

[1] TheDefiant.io, "Crypto Hack Losses Surge to USD142 Million in July," https://thedefiant.io/news/research-and-opinion/crypto-hack-losses-surge-to-usd142-million-in-july-peckshield

[2] CryptoRank, "July Crypto Hack Losses Surge 27% to 142M," https://cryptorank.io/news/feed/9ea67-july-crypto-hack-losses-surge-27-to-142m

[3] Cryptonews, "CrediX DeFi Protocol Exploited as Hacker Gains Admin Rights," https://www.ccn.com/news/crypto/news/