Bad actors and con artists stole at least $142 million from Cryptospace over 17 separate attacks in July.
Blockchain security company Peckshield said in an X post Friday that the total monthly losses rose 27% from $111 million in June.
However, the 46% decline from last year when hackers won $266 million in July 2024 is still down 46%, with India’s $230 million crypto exchange Wazirx taking on the lion’s share.
The attacker who misused the GMX V1 distributed exchange on Crypto on July 11 for $40 million also returned the funds that were stolen several days later, Peckshield said.
CoindCX hacks the biggest hack in July
Indian cryptocurrency Exchange Coindcx was hacked on July 18th for $44 million. A CoindCX employee was arrested Thursday in connection with a security breaches.
Just a few days ago, on July 16th, Crypto Exchange Bigone suffered from third-party attacks targeting hot wallet infrastructure, losing at least $27 million.
Finishing the top three in July was the Crypto Trading Platform Woo X, which was compromised by a phishing attack on July 24th.
Access your WOO X Team Member Devices
Rob Behnke, chairman of blockchain security company Halborn, said in a report Tuesday that he will use social engineering to target one of the company’s team members and access the device, using bad actors who will be responsible for Woo X Hack.
“In this case, the attacker used social engineering to compromise on the computers of his team members. From there, he was able to pivot into the development environment and misuse the trust of the system to drain user accounts,” he said.
“The attacker successfully carried out multiple malicious transactions two hours before suspicious activity was noticed and the platform noticed the withdrawal of the failure.”
Funds were stolen in several chains, including Bitcoin (BTC), Ether (ETH), BNB (BNB), and Arbitrum (ARB).
The accounts affected by the incident have their balances recovered from the company’s Ministry of Finance.
Related: Crypto-seedphrase, front-end hack drives record losses in 2025: TRM Lab
Hackers targeting off-chain systems
According to Behnke, there has been a recent trend among hackers to target off-chain systems of high value hacks.
“Instead of looking for exploitable smart contract vulnerabilities that can be identified and addressed through smart contract security audits, attackers look for weaknesses in their backend infrastructure and processes,” he said.
“As Defi Hackers become more refined and increasingly expands its targeted back-end systems and infrastructure, projects need to implement strong security controls and processes to mitigate these threats.”
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