Crypto hackers and scammers stole over $163 million from the crypto house in August throughout 16 separate assaults — with a social engineering assault towards a Bitcoiner accounting for the lion’s share of losses.
Blockchain safety agency PeckShield stated in an X publish on Monday that August’s losses are a 15% improve in comparison with July, which solely recorded $142 million, although it’s down 47% 12 months on 12 months.
Cybersecurity consultants advised Coinelegraph the rise in August was pushed by hackers shifting their efforts to high-value targets and the rise in crypto costs.
Crypto hackers think about high-value targets
Chatting with Cointelegraph, PeckShield stated there was a strategic shift by hackers final month, as they’re now concentrating on centralized exchanges and different high-value particular person targets.
Two incidents particularly inflated the entire for August. A Bitcoiner who was the sufferer of a social engineering assault misplaced 783 Bitcoin (BTC), value $91 million on the time, in a single transaction after dangerous actors masqueraded as a crypto trade and {hardware} pockets assist.
The opposite was the Turkish crypto trade Btcturk, which noticed practically $50 million in crypto stolen after an attacker accessed its scorching wallets. This was additionally the second main safety breach up to now 12 months.
Nonetheless, PeckShield stated the variety of hacks has been trending downward, with 16 recorded in August, in comparison with 17 in July and 20 in June.
“Wanting on the broader image over the previous 8 months, the entire variety of hacks has proven a lowering pattern. That is optimistic information and suggests enhancements in general ecosystem safety.”
Crypto value booms are enjoying an element too
Hank Huang, CEO of Kronos Analysis, advised Cointelegraph that crypto exploits typically rise alongside crypto costs, creating high-value rewards for prime targets.
Each Bitcoin and Ether (ETH) skilled new all-time highs in August. Bitcoin crossed over $124,000 on Aug. 14, whereas Ether stormed previous $4,946 on Aug. 24.
“August’s surge highlights how attackers are zeroing in on centralized wallets utilizing subtle phishing and social engineering to show operational weaknesses,” Huang added.
Associated: Crypto seed phrase, front-end hacks drive report losses in 2025: TRM Labs
Whole losses had been trending downward, with $176 million misplaced to hacks in June, a 54.2% lower from Could when scammers made off with $385 million, and $142 million misplaced in July.
Nonetheless, Huang speculates that losses may maintain rising for the remainder of the 12 months, “pushed not simply by hovering crypto costs however much more by the gradual and regular lag in safety know-how enhancements to stop these assaults.”
New tech may cushion the blow to crypto
Huang additionally stated there might be new know-how and higher safety measures on the horizon, which might possible assist curb losses in the long run.
“As rising know-how advances, AI-driven enhancements and stronger safety fashions ought to assist cushion the influence sooner or later,” he stated.
In the meantime, PeckShield stated excessive worth targets, equivalent to companies and people with giant crypto holdings ought to guarantee sturdy safety measures are in place.
“We advocate that high-value targets—each companies and people—must be more and more vigilant and proactively implement sturdy safety measures.”
Journal: XRP ‘cycle goal’ is $20, Technique Bitcoin lawsuit dismissed: Hodler’s Digest, Aug. 24 – 30
