CoinDCX Hack Highlights Potential Risks of Social Engineering in Crypto Security Breaches

Key Points

1. July 2025 crypto thefts reached $142 million, a 27% increase from June's $111 million, with CoinDCX's $44 million server breach as the largest incident.

2. Social engineering and backend system vulnerabilities were the primary attack vectors, as seen in the WOO X phishing attack and CoinDCX breach.

3. Other major hacks included BigONE's $27 million hot wallet attack and GMX decentralized exchange's $40 million exploit.

4. The surge in hacks underscores the urgent need for enhanced security measures, including staff awareness programs and backend system protections.

5. Hackers are increasingly targeting offchain backend systems, shifting focus from onchain vulnerabilities.