Crypto hack outflows top $140 million in July with CoinDCX, GMX among biggest victims: PeckShield

The crypto industry saw a spike in security incidents in July compared to the previous month, with outflows from hacks totaling $142 million, according to blockchain security firm PeckShield. 

PeckShield wrote on X today that the crypto sector experienced about 17 major hacking incidents in July. These breaches resulted in combined outflows totaling $142 million, representing a 27.2% increase from the $111.6 million in losses reported during June.

Notably, five major security breaches accounted for the bulk of July's crypto theft. CoinDCX suffered the largest loss at $44.2 million, making it the month's most significant incident. The GMX protocol attack resulted in $42 million in stolen assets, though most of these funds were subsequently recovered. BigONE exchange reported losses of $28 million, while WOO X experienced a $12 million breach, according to PeckShield. Future Protocol rounded out the top five incidents with $4.2 million in stolen cryptocurrency.

On July 19, CoinDCX, one of the largest crypto exchanges in India, fell victim to a $44 million exploit, following what company CEO Sumit Gupta initially described as a "sophisticated server breach" in a post on X at the time.

Bengaluru police later revealed that cybercriminals had used fraudulent part-time job offers to trick a CoinDCX employee into downloading malware onto a company laptop. The hackers then used the compromised access to steal crypto assets.

Meanwhile, decentralized perpetuals exchange GMX was hit by a $42 million exploit in early July. According to PeckShield, the attacker later returned approximately $40.5 million worth of crypto assets, including around 10,000 ETH and 10.5 million FRAX.