Crypto Exchanges Lose $142 Million to Hacks in July
Crypto Exchanges Experience Significant Losses in July
In July, crypto hacks resulted in losses exceeding $114 million across exchanges, with total losses reaching $142 million. Key points include:
- CoinDCX reported the highest loss of $44 million due to a security breach on July 19.
- GMX lost approximately $42 million on July 9 due to an exploit in its protocol's first version.
- The hacker returned $40 million of the stolen funds after accepting a white-hat bounty.
Trend Towards Increased Theft by 2025
Data indicates a worrying trend for crypto theft:
- Total stolen funds surged by 27.2% from June.
- Major incidents rose by 13.3%, with 17 hacks recorded in July.
- Year-to-date thefts exceeded $2.7 billion, surpassing the same period in 2022.
- Predictions suggest theft could exceed $4.3 billion by the end of 2025 if trends continue.
