The world of Crypto currency suffered drastic financial setbacks in July as at least seventeen different cyber assaults accumulated losses of over $142 million.
Security experts have confirmed the July tally was a 27 percent jump from June, when hackers made off with an estimated $111 million.
Indian crypto exchange CoinDCX recorded the most severe incident, losing nearly $44 million as part of an assault on its main servers.
Chief Executive Officer Sumit Gupta revealed a sophisticated breach, as police later took an employee into questioning over the breach.
On 11 July, decentralized exchange GMX revealed a second massive exploit involving a $40 million theft of digital tokens.
The culprit later refunded much of the stolen cryptocurrencies, and while the refund relieved investors’ panic, it did not eradicate their fears.
WOO X Crypto Platform Hit By Phishing
BigONE exchange verified on July 16 that it had indeed experienced a hot wallet breach, leading to the loss of nearly $27 million.
The third largest attack occurred on 24 July, as the crypto exchange platform WOO X was the victim of an email phishing attack.
Hackers were able to infiltrate an employee’s computer and gain access to the development environment, allowing transactions totaling $14 million.
Halborn blockchain security company founder Rob Behnke described attackers using social engineering for access into systems and to mislead employees under attack.
He verified that attackers had utilized vulnerabilities in internal infrastructure rather than smart contract systems, pointing towards shifting high-value cyberattack patterns.
Bitcoin, Ether, BNB Among Stolen Assets
Behnke explained aggressors attacking backend access points, with which they made several malicious transfers within alternating chains within two hours.
The stolen assets were Bitcoin valued at $115,051 per unit, Ether being sold at $3,623, and BNB at $768.17.
The team at WOO X subsequently made good on harmed account balances using treasury reserves, allaying customers who had worried about permanent financial injuries.
Industry insiders commented July’s raids were much lower than those of July 2024, when cyber attackers made off with $266 million across world exchanges.
That year saw WazirX, an Indian exchange, suffer a record breaking hack of $230 million, one of the industry’s most concerted assaults.
Behnke made it clear that cryptocurrency startups must strengthen backend security because modern attackers would rather target infrastructure weaknesses than smart contracts.
