As the market soared in July, crypto hacks also saw a significant increase from the previous month, with crypto exchanges losing over $100 million in the past 30 days. This follows a concerning trend that has been developing this year, which suggests that theft from digital asset services could reach a new milestone by the end of 2025.<\/p>\n
On Friday, security firm PeckShield noted<\/a> that the total losses from crypto hacks reached $142 million in July, with crypto exchanges topping the list. CoinDCX, GMX, and BigONE recorded 80% of the total losses.<\/p>\n Notably, Indian exchange CoinDCX suffered the highest loss of the month after a security breach on July 19 resulted in the transfer of $44 million in USDT from one of the platform\u2019s wallets to six unknown personal wallets.<\/p>\n Hackers were able to access<\/a> the crypto exchange\u2019s system after compromising an employee\u2019s login credentials. Recent reports revealed that the employee was allegedly lured into a fake job task and persuaded to download and use his CoinDCX-designated laptop to complete tasks, unsuspectingly downloading files with malware.<\/p>\n Meanwhile, Perpetual and spot crypto exchange GMX recorded the second-largest hack of the month after losing around $42 million on July 9 when an attacker exploited a vulnerability in the protocol\u2019s first version on Arbitrum.<\/p>\n GMX V1\u2019s vault contract had a vulnerability that allowed the attacker to manipulate the GLP token\u00a0price through the system\u2019s calculations, resulting in approximately $42 million worth of assets being transferred from the GLP pool to an unknown wallet.<\/p>\n Nonetheless, the incident<\/a> saw a happy ending after the hacker accepted a white-hat bounty and returned most of the funds. As reported by NewsBTC, the exploiter returned $10.49 million worth of FRAX and 10,000 ETH, valued at $30 million, on July 11.<\/p>\n Based on data<\/a> from PeckShield\u2019s previous reports, Q2 showed a diminishing trend in total crypto losses, with May and June recording 40% and 56% month-on-month (MoM) declines, respectively.<\/p>\n However, the short-term trend changed in July as the total value of stolen funds surged 27.2% from June\u2019s $111.6 million. Additionally, the total number of major incidents slightly increased by 13.3%, from 15 registered incidents in June to 17 hacks in July.<\/p>\n This follows a broader trend developing this year, as Chainalysis explained on its \u201c2025 Crypto Crime Mid-Year Update.\u201d In the report<\/a>, the on-chain analytics firm revealed that crypto theft this year has been \u201cmore devastating\u201d than the entirety of 2024, with over $2.7 billion worth of funds stolen from crypto services in the first half.<\/p>\n By the end of June, more value had been stolen year-to-date (YTD) than during the same period in 2022, suggesting that theft from crypto\u00a0services could potentially increase another 60% by year\u2019s end.<\/p>\n2025 Alarming Trend Continues<\/h2>\n