July Crypto Hacks Surge to $142M, CoinDCX Loses $44M
July crypto hacks surged as attackers stole $142 million across 17 incidents, marking a 27% rise from June. The largest breach hit CoinDCX, where malware on a developer’s laptop enabled a server-level hack that cost the exchange $44.2 million. Decentralized exchange GMX suffered a $42 million exploit, though the attacker returned $40.5 million days later. Other platforms including BigONE, WOO X and Future Protocol lost over $46 million in third-party and phishing attacks. These crypto hacks highlight growing exchange security gaps and DeFi vulnerabilities, as hackers shift from on-chain smart contracts to back-end infrastructure and social engineering. Traders should monitor exchange risk and on-chain activity, and strengthen employee device protection to mitigate future threats.
Bearish
This series of high-profile crypto hacks, especially the $42M GMX exploit and the $44M CoinDCX breach, undermines market confidence in exchange security and DeFi platforms. In the short term, investors may sell affected tokens like GMX amid heightened risk aversion, driving prices down. Although the GMX attacker returned most funds, persistent vulnerabilities in back-end infrastructure and social engineering tactics could prolong uncertainty. In the long term, stronger security protocols may restore trust, but immediate market reactions are likely negative, making the overall outlook bearish.