The crypto space witnessed a sharp increase in hacking incidents in July 2025, with losses exceeding $142 million across 17 separate attacks, marking a 27% rise from June’s $111 million.
CoinDCX Hack Leads July’s Crypto Losses
The most devastating breach of the month occurred on July 18, when CoinDCX, a major Indian cryptocurrency exchange, suffered a $44 million loss. The platform confirmed the incident as a sophisticated server breach, with internal involvement suspected as a CoinDCX employee was arrested shortly after the hack.
This breach alone accounted for over 30% of all losses recorded in July.
Major Exploits: GMX, BigONE, and WOO X
On July 11, GMX decentralized exchange was exploited for $40 million, ranking as the second-largest attack of the month. However, the attacker later returned the stolen funds.
BigONE Exchange also fell victim to a third-party hot wallet breach on July 16, resulting in a $27 million loss.
Another significant attack targeted WOO X on July 24, where $14 million was stolen following a phishing scheme that compromised a team member’s device.
Social Engineering a Rising Threat in Crypto
Security experts revealed that hackers are increasingly turning to offchain systems rather than exploiting smart contracts. The WOO X hack demonstrated this trend, where social engineering was used to gain access to a developer’s device, allowing attackers to drain funds across multiple chains, including Bitcoin, Ether, BNB, and Arbitrum.
“Attackers bypass code audits by targeting backend infrastructure and exploiting human vulnerabilities,” security analysts noted.
Crypto Industry Urged to Strengthen Infrastructure
While July 2025’s total loss is 46% lower than July 2024’s $266 million — largely due to fewer mega-hacks — the nature of attacks has become more sophisticated.
Projects are being urged to implement stricter security controls, internal access monitoring, and employee awareness protocols to prevent such breaches.
As DeFi continues to evolve, so do the attack vectors. Strengthening the human firewall may now be as important as smart contract security in defending digital assets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.