Crypto Hack Outflows Surpass $140 Million in July, CoinDCX and GMX Among Largest Victims: PeckShield
August 1, 2025 — By Timmy Shen, The Block
The cryptocurrency sector witnessed a significant surge in security breaches last month, with hack-related outflows exceeding $140 million in July — a 27% increase compared to June, according to blockchain security firm PeckShield.
Sharp Rise in Crypto Thefts
PeckShield reported that the crypto industry faced approximately 17 major hacking incidents during July, culminating in combined losses amounting to around $142 million. This marks a rise from the $111.6 million lost to hacks in June, underscoring an escalating challenge for crypto platforms in safeguarding assets.
Major Incidents and Victims
Among the July breaches, five accounted for the majority of stolen funds:
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CoinDCX: India’s prominent cryptocurrency exchange bore the brunt of the month’s attacks, suffering a loss of $44.2 million in what was the largest hack recorded for July. The incident occurred on July 19 and was initially described by CoinDCX CEO Sumit Gupta as a "sophisticated server breach." Subsequent investigations by Bengaluru police revealed that attackers employed fraudulent part-time job offers to deceive a CoinDCX employee into installing malware on a company laptop. This compromised access allowed hackers to execute the massive crypto theft.
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GMX: The decentralized perpetuals exchange experienced a $42 million exploit in early July. However, PeckShield notes the attacker returned most of the funds — approximately $40.5 million worth of crypto assets — including around 10,000 ETH and 10.5 million FRAX, mitigating the net loss.
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BigONE: The crypto exchange reported $28 million in stolen assets.
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WOO X: Suffered a $12 million breach.
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Future Protocol: Reported a loss of $4.2 million due to a security exploit.
These incidents highlight the increasing sophistication of cybercriminal tactics, ranging from direct server infiltration to social engineering attacks targeting employees.
Industry Implications
The rise in hacking-related outflows during July reaffirms persistent vulnerabilities in the crypto ecosystem despite growing investments in security measures. As the industry continues to evolve rapidly, exchanges and decentralized platforms face mounting pressure to enhance defenses to protect user assets.
CoinDCX’s breach is particularly notable given its stature as one of India’s largest crypto exchanges, reflecting that even leading companies are not immune to sophisticated cyber attacks. Meanwhile, GMX’s partial recovery of stolen funds suggests varying outcomes depending on the nature of the exploit and the responsiveness of affected parties.
About PeckShield and The Block
PeckShield is a blockchain security company specializing in monitoring and analyzing crypto exploits. The Block is an independent media outlet providing news, research, and data focused on digital assets. The Block maintains editorial independence while disclosing relevant financial interests within the crypto space.
For continuous updates on cryptocurrency security and industry developments, stay tuned to The Block.
Tags: Crypto Hacks, Exploits, Security Breaches, CoinDCX, GMX, Blockchain Security
Author Bio:
Timmy Shen is The Block’s Asia editor, with extensive experience covering crypto and Web3 developments across the region. Previously a journalist for Forkast.News, Caixin Global, and TechNode, Timmy also holds an MS degree from Columbia University Graduate School of Journalism. Contact him at [email protected] or on X/Telegram @timmyhmshen.