July Crypto Hacks Surge 27.2% to $142M Amid Social Engineering Attacks

In July, the global cryptocurrency market experienced a surge in security breaches, with total outflows from hacking incidents reaching $142 million, marking a 27.2% increase from the $111.6 million in losses reported in June [1]. This spike was driven by 17 major hacking incidents, five of which accounted for the bulk of the stolen funds [1].

One of the most significant breaches occurred on July 19 when India’s largest cryptocurrency exchange, CoinDCX, fell victim to a $44.2 million exploit. The attack reportedly began with a sophisticated social engineering tactic: cybercriminals used fake part-time job offers to deceive a CoinDCX employee into downloading malware onto a company laptop, granting the attackers unauthorized access to the platform’s systems [1].

Also among the top victims was the decentralized perpetuals exchange GMX, which suffered a $42 million exploit in early July. However, PeckShield reported that approximately $40.5 million of the stolen funds—comprising roughly 10,000 ETH and 10.5 million FRAX—were later returned by the attacker [1]. Other platforms affected included BigONE exchange, which reported a $28 million loss, and WOO X, which experienced a $12 million breach. The Future Protocol incident added $4.2 million to the total outflow [1].

The July incidents underscore the persistent vulnerabilities in the crypto industry, even as platforms continue to implement stronger security protocols. While the recovery of a significant portion of the GMX funds provided a rare positive outcome, the unpredictable nature of such attacks remains a key concern. The CoinDCX breach, in particular, highlights how social engineering tactics are increasingly being used to infiltrate internal systems, bypassing traditional cybersecurity defenses.

PeckShield’s analysis suggests that the growing sophistication and scale of these attacks indicate a shift toward more organized and targeted operations. As the value of digital assets continues to rise, so too does the incentive for malicious actors to exploit weaknesses in the ecosystem. This trend emphasizes the importance of multi-layered security strategies, continuous monitoring, and employee training to mitigate future risks.

Source: [1] Theblock.co (https://www.theblock.co/post/365182/july-crypto-hacks-peckshield)