Crypto Hacks Spike: $163M Stolen in August, Bitcoin Heist Leads
Crypto Hacks Surge 15% in August, $91M Bitcoin Heist Leads Losses
Blockchain security firm PeckShield reports a concerning increase in crypto hacks, with $163 million drained from users and exchanges in August. This represents a 15% jump compared to July, driven by a massive Bitcoin theft.
Key Takeaways from August's Crypto Hacks
PeckShield's data highlights the severity of the situation:
- Approximately $163 million stolen across 16 major incidents.
- A 15% increase in total losses compared to July.
- A single $91.4 million Bitcoin theft from a long-term investor.
Major Hacks and Exploits
Several high-profile incidents contributed to August's losses:
- BtcTurk: Turkey’s largest crypto exchange, BtcTurk, reported losses between $48 million and $54 million due to compromised hot-wallet keys. This follows a previous $54 million breach in June 2024, bringing their cumulative losses above $100 million.
- ODIN•FUN: Suffered a $7 million loss.
- BetterBank.io: Drained of $5 million.
- CrediX Finance: Experienced a $4.5 million exploit on the Sonic blockchain.
Trends in Crypto Exploits
PeckShield's mid-year review reveals alarming trends:
- The average cost of an exploit in 2025 is $7.18 million, more than double the $3.1 million average in H1 2024.
- Access control weaknesses (stolen private keys, malicious approval schemes) account for over 75% of total losses.
- Social engineering attacks contribute to 23% of the total losses.
- Recovery rates remain low, with only 7–8% of stolen funds reclaimed.
Notably, PeckShield has linked several high-profile hacks to state-sponsored actors like North Korea’s Lazarus Group, who use mixers and cross-chain bridges to launder stolen funds.
Growing Concerns Over Crypto Security
The rise in hacking incidents has intensified concerns about security within the crypto space. Other notable events include:
- Lubian's Bitcoin Hack: Arkham revealed a historic Bitcoin hack where a Chinese mining pool lost 127,426 Bitcoin in 2020.
- BigONE Exchange: Lost $27 million in July due to compromised hot wallets and risk-control servers, but assured users of full reimbursement.
- Cetus Protocol (Sui): Struck by a $260 million exploit, with a $6 million bounty offered for the return of funds.
- ByBit: Reportedly hacked for over $1.4 billion.
Despite the growth of exchanges and institutional custodians, crypto hacks continue to rise. This surge indicates that security infrastructure is lagging behind the industry's rapid expansion.