In July, bad actors stole more than $142 million from the crypto sector, marking a 27% increase from June's losses of $111 million. The prominent hack affecting Indian exchange CoinDCX resulted in a loss of $44 million on July 18. The CEO described the incident as a sophisticated server breach. Just days prior, BigONE faced a loss of at least $27 million due to an infrastructure hack, while the WOO X exchange was compromised on July 24 through a phishing attack, leading to significant thefts detected over a two-hour period. Experts highlight a concerning trend where hackers are increasingly targeting weaknesses in backend systems rather than exploiting specific vulnerabilities in smart contracts. They emphasize a pressing need for strong security controls amidst these evolving tactics.

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