In July, the cryptocurrency sector faced significant security breaches, with hackers stealing over $142 million from various platforms through 17 separate attacks. CoinDCX, an Indian exchange, suffered the largest loss of $44 million due to a sophisticated server breach, as reported by CEO Sumit Gupta. This figure shows a 27% increase from June's losses of $111 million but remains lower than July 2024, which experienced $266 million in hacks. Other notable breaches included BigONE, which lost at least $27 million, and WOO X, which was hit by a phishing attack, resulting in a loss of $40 million. The attack on WOO X involved social engineering tactics to compromise a team member's device. Blockchain security experts emphasize that hackers are now focusing on backend vulnerabilities rather than just exploiting smart contract weaknesses. For effective mitigation, robust security controls are necessary as the sophistication of DeFi-related cyber threats grows.

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