Crypto hacks and security threats are escalating again, with hackers stealing over $140 million across multiple platforms in July alone.
Summary
- Crypto platforms lost over $142M in July across 17 confirmed hacks.
- Attackers are laundering funds faster, often within minutes.
- CoinDCX and GMX were among the month’s largest exploit targets.
According to data shared by blockchain security firm PeckShield on Aug. 1, total losses hit $142 million last month, up 27% from $111.6 million in June. Seventeen major hacks were reported in July, most of the damage concentrated in just five incidents.
The sharp rise highlights how quickly attack methods are evolving, leaving little time for platforms to react or recover stolen funds.
CoinDCX, GMX among the hardest-hit platforms
CoinDCX, a leading Indian exchange, was the target of the single largest exploit, which caused it to lose $44.2 million on July 19. While initial reports blamed a server breach, local police later revealed the attack was triggered by malware sent via a fake job offer to a company employee.
This breach exposed weaknesses in internal security practices, even at well-established firms.
GMX (GMX), a decentralized derivatives protocol, was the second-largest victim. It lost $42 million earlier in the month due to a contract vulnerability. Roughly $40.5 million in Ethereum (ETH) and Legacy Frax Dollar (FRAX) was later returned, but the exploit still raised alarms about decentralized finance risk.
Other major breaches in July included BigONE Exchange at $28M, WOO X at $12M, and Future Protocol at $4.2M. Even with the partial recovery from the GMX attacker, a net loss of over $100 million was reported in July. PeckShield’s insights show that malicious actors continue to stay one step ahead despite heightened awareness and on-chain surveillance.
Laundering Speed Leaves Little Time to Respond
A deeper layer of concern lies in how quickly attackers now move stolen funds. According to a new H1 2025 report by Global Ledger, a blockchain-focused anti-money laundering and forensics firm, attackers are not only striking more often,they’re laundering assets faster than ever before.
“The fastest attacker fund movement in H1’25 was just 4 seconds,” Global Ledger wrote in its summary. In one case, the entire laundering process, from the initial movement to the last destination, was completed in just under 3 minutes.
Global Ledger also found that in nearly 70% of cases, funds were already in motion before the incident was publicly disclosed. Effective responses from compliance teams, regulators, or centralized exchanges are hampered by this delay. Only 4.6% of stolen assets were recovered in the first half of 2025, even though technology to track transactions was available.
“Speed has become a dangerous new weapon,” the report stated, warning that traditional AML workflows are no longer sufficient on their own. Many of July’s exploits involved smart contract flaws, malicious approvals, or compromised keys, types of attacks that remain difficult to prevent with current tools.
The report concluded that without faster detection methods and tighter internal security, platforms may continue to fall behind as attackers get smarter and quicker.
