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.
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’s wallets to six unknown personal wallets.
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’s first version on Arbitrum.
GMX V1’s vault contract had a vulnerability that allowed the attacker to manipulate the GLP token price through the system’s calculations, resulting in approximately $42 million worth of assets being transferred from the GLP pool to an unknown wallet.
However, the short-term trend changed in July as the total value of stolen funds surged 27.2% from June’s $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.
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 services could potentially increase another 60% by year’s end.
“If this trend continues, we could see 2025 end with more than $4.3 billion stolen from services alone,” the report forecasted.
