Crypto hacks top $142M in July, with CoinDCX leading losses
Main Idea
Crypto hacks in July totaled $142 million across 17 attacks, with CoinDCX suffering the largest loss, marking a 27% increase from June but a 46% decrease from July 2023.
Key Points
1. July crypto hacks totaled $142 million across 17 attacks, a 27% increase from June's $111 million but a 46% drop from July 2023's $266 million.
2. CoinDCX was hacked for $44 million on July 18 due to a sophisticated server breach, with an employee arrested in connection.
3. WOO X suffered a phishing attack on July 24, compromising a team member's device and draining user accounts via social engineering.
4. Hackers increasingly target off-chain systems and backend infrastructure rather than smart contract vulnerabilities.
5. The GMX decentralized exchange was exploited for $40 million on July 11, contributing to the month's losses.
Description
During the WOO X hack, bad actors used social engineering to gain access to the development environment, according to Rob Behnke, chairman of Halborn.
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