In July, the cryptocurrency sector suffered significant losses, totaling over $142 million due to 17 separate hacking incidents. The most severe breach involved the Indian exchange CoinDCX, which lost $44 million from what CEO Sumit Gupta described as a sophisticated server breach. This reflects a 27% increase from June's $111 million in damages, although it pales in comparison to the $266 million lost in July 2024, which included a major attack on WazirX. Additionally, the crypto trading platform WOO X was targeted in a phishing attack on July 24, leading to losses of approximately $30 million. The growing trend among hackers has shifted towards attacking backend systems and processes instead of focusing solely on smart contract vulnerabilities. Halborn's chairman Rob Behnke emphasized the need for stronger security measures to safeguard against these increasingly sophisticated attacks, as hackers find new ways to exploit trust within systems.

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