The month of July saw a significant surge in the market, with crypto hacks also on the rise. Crypto exchanges reported losses exceeding $100 million in just 30 days, indicating a worrying trend that could potentially lead to a new milestone in theft from digital asset services by the end of 2025.
Crypto Exchanges Lose $114 Million In July
Security firm PeckShield reported that total losses from crypto hacks reached $142 million in July, with crypto exchanges bearing the brunt of the attacks. Leading the list were exchanges like CoinDCX, GMX, and BigONE, accounting for 80% of the total losses.
One of the most notable incidents involved Indian exchange CoinDCX, which suffered a major security breach on July 19. Hackers managed to transfer $44 million in USDT from one of the platform’s wallets to six unknown personal wallets after compromising an employee’s login credentials.
Similarly, GMX, a perpetual and spot crypto exchange, experienced a hack resulting in approximately $42 million worth of assets being transferred due to a vulnerability in the protocol’s first version on Arbitrum. However, the hacker eventually returned most of the funds, showcasing a positive outcome amidst the chaos.
2025 Alarming Trend Continues
Despite a decreasing trend in total crypto losses during Q2, July saw a sudden surge in stolen funds, increasing by 27.2% from the previous month. The total number of major incidents also rose by 13.3%, indicating a shift in the trend towards more frequent and severe attacks.
Chainalysis’s “2025 Crypto Crime Mid-Year Update” highlighted the alarming increase in crypto theft this year, surpassing the total stolen funds in 2024 within the first half of 2025. The report projected a potential increase of 60% in theft from crypto services by the end of the year, with a forecasted total of over $4.3 billion stolen.
The velocity and consistency of theft activity in 2025 have raised concerns, surpassing previous years in terms of value stolen from platforms. If this trend continues, the year could end with a record-breaking amount of stolen funds from services alone.
In conclusion, the rise in crypto hacks and stolen funds in July serves as a stark reminder of the importance of robust security measures in the digital asset space. With the threat of theft looming large, crypto exchanges and platforms must prioritize security to safeguard investor assets and maintain trust in the industry.