- The crypto space has continued to experience restrained adoption due to the increase in the number of platform hacks and social engineering scams.
- In July alone, it was recorded on-chain that about $142 million was lost due to platform hacks. Also, 2025 is on track to beat 2021’s record of physical attacks worldwide.
One of the major challenges that has continued to weaken the crypto space and has posed as one of the reasons for the slower adoption of cryptocurrency across traditional sectors is crypto scams and hacks. The outrageous number of crypto scams, platform hacks, and blackmail has caused many individuals and countries to slow down and, in most cases, shut down their support for cryptocurrency.
Last month, Tronweekly shared a detailed report covering the amount of crypto hacks that happened in the first half of the year. The details shared showed that about $2.1 billion was lost to crypto hacks in the first half of 2025.
This number made up for the total hacks in 2024. That is, the number of hacks in the first half of 2025 is higher than the total hacks in 2024.
These growing numbers raise security concerns, but the actual hacks didn’t decrease by the month.
Also Read: Crypto Hack in First Quarter 2025, Beats 2024 Record
July Crypto Hacks Increase
A few hours ago, Peck Shield, a blockchain security analytics platform, shared a post on the number of hacks recorded in July 2025. According to the details, throughoutthe month, there were about 17 major platform hacks recorded in the month, and it all resulted in about $142 million in losses.
Source: Peckshield
It was recorded that India’s largest exchange, CoinDCX, faced the biggest hack of the month, losing $44.2 million due to the help of an insider. GMX also lost $42 million from a re-entrancy issue, but they later managed to get the funds back through a deal with a white-hat hacker.
Not just that, it was also recorded that since the beginning of the year, physical attacks on crypto holders have also risen significantly. There have been recorded at least 32 major “wrench attacks” worldwide. This trend may break the 2021 record of 36 and also be the highest number to ever be recorded in the crypto space.
On average, each case led to $7.1 million in losses, with a middle value of $90,000. However, $187 million has been recovered through police action, ethical hackers, and help from platforms.
