- So far, one of the major issues that has posed as a downside in the adoption of cryptocurrency is the continuous cyber threat that has plagued crypto investors and crypto-based platforms.
- So far in August, the number of crypto hacks recorded is 15% more than that of July. Further raising security concerns.
Over time, since the growth in Bitcoin’s price started, we’ve continued to see the huge financial possibilities that have been opened to investors and traders through cryptocurrencies. Through this digital currency, there has been the birth of a new generation of millionaires and even billionaires.
However, this very promising financial revolution that is on its way to replacing the traditional banking system and investing comes with its dark downsides that, to some people, carry more risks than rewards.
Since the year started there has been an outrageous increase in the amount of crypto hacks and all other kinds of scams associated with cryptocurrency. On the 2nd of July, Tronweekly reported that the total number of hacks from January to June 2025 surpassed the total recorded for 2024.
Also Read: Crypto Hack in First Quarter 2025, Beats 2024 Record
That is, the amount of exploitation recorded in the first half of 2025 surpassed all that went down in the whole of 2024 (January–December). This report raises all kinds of security concerns about the safety of cryptocurrency and its platforms.
August Crypto Hack Grows by 15%
Earlier today, Peckshield shared data on the total number of hacks that went down in August, and according to the data, about $163 million was lost, marking a 15% increase from July’s total number.
Source: Peckshield (X)
The details covered that there were about 16 large-scale exploits that were carried out with the attackers targeting trading platforms and DeFi-based services. One of the most significant cases recorded in the whole month was a single Bitcoin investor that lost $91.4 million in one day.
The details covered showed that the criminals pretended to be one of the customer support staff for his hardware wallet, and through that means, they were able to have access to the investor’s 783 BTC.
Another major hack was the exploitation of Turkey’s second biggest trading platform, BtcTurk hot wallets. The platform lost about $54 million, making it $108 million the platform has lost in similar scams within the last 14 months. ODIN•FUN also lost $7 million, BetterBank.io lost $5 million in damages, and CrediX Finance faced a $4.5 million exploit.
Also Read: BONK Price Prediction 2025: Will It Rebound After Hitting $0.00002157?
