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Crypto Hacks Surge 15% in August With $163M Stolen Across 16 Attacks
Crypto Hack – The crypto industry suffered over $163 million in losses during August across 16 separate attacks, according to blockchain security firm PeckShield. The figure represents a 15% increase compared to July’s $142 million, though it remains 47% lower year-on-year.
Cybersecurity experts told Cointelegraph that the surge was fueled by hackers shifting their focus toward high-value targets and capitalizing on the recent crypto bull run, which saw both Bitcoin (BTC) and Ether (ETH) hit new all-time highs.
Two Major Incidents Drive Losses
The lion’s share of losses came from two major attacks. In one case, a Bitcoiner fell victim to a social engineering scam, losing 783 BTC—worth $91 million at the time—after attackers posed as exchange and hardware wallet support staff.
The second major hit was against Turkish crypto exchange Btcturk, which lost nearly $50 million after hackers gained access to its hot wallets. This marked the platform’s second major security breach in 2024, following a similar incident in June.
Hack Numbers Decline, But Risks Remain
Despite the rising value of losses, the overall number of hacks is trending downward, with 16 incidents recorded in August, down from 17 in July and 20 in June. PeckShield noted this as a “positive sign” of improving ecosystem security.
Still, experts caution that rising crypto prices create bigger incentives for attackers. Hank Huang, CEO of Kronos Research, explained that bull markets “offer high-value rewards for hitting prime targets,” with hackers increasingly exploiting centralized wallets through phishing and social engineering.
Security Technology Lagging Behind
Huang warned that losses could continue rising in 2025, driven not only by higher token prices but also by the slow progress in security technologies. However, he remains optimistic that AI-driven solutions and stronger security models could help reduce long-term risks.
PeckShield urged corporations and wealthy individuals to adopt robust security measures and remain vigilant, emphasizing that high-value targets will continue to attract cybercriminals.
