In July 2023, the crypto market faced losses exceeding $142 million due to hacking incidents, marking one of the most damaging months for digital platforms.
Total Crypto Losses
According to PeckShield, losses in July increased by 27% compared to June, when they amounted to $111 million. While the total losses are significantly lower than the $266 million lost in July 2022, there has been a decrease of about 46% from last year.
Major Incidents
The most significant incident occurred on July 18, when CoinDCX was hacked for $44 million. CoinDCX's CEO, Sumit Gupta, described the breach as a 'sophisticated server breach.' On July 16, BigONE also suffered a breach, resulting in a $27 million loss. Additionally, a phishing attack on WOO X on July 24 resulted in losses of $14 million.
Change in Hacker Tactics
Rob Behnke noted that there is a noticeable shift in hackers' tactics, with an increased focus on off-chain infrastructures such as internal servers and development environments. He emphasized that crypto firms need to enhance their infrastructure protections.
The events in July highlight the vulnerabilities present in the crypto market, necessitating stronger security measures from companies.
