The crypto sector lost over $163 million in August due to 16 separate hacks and scams, according to data from blockchain security firm PeckShield. A single social engineering attack on a Bitcoiner accounted for more than half of the month’s total losses.
PeckShield revealed on X that August’s losses were 15% higher than July’s $142 million, but still 47% lower year-on-year. Experts suggest the shift reflects hackers increasingly targeting larger and more valuable victims while taking advantage of rising crypto prices.
Hackers focus on big wins
The most damaging event in August involved a Bitcoiner tricked through a phishing scheme, where attackers pretended to be from a crypto exchange and hardware wallet support team. The victim ended up losing 783 BTC — worth around $91 million at the time — in a single transaction.
Another major incident hit the Turkish exchange Btcturk, which saw nearly $50 million stolen after hackers breached its hot wallets. This was the exchange’s second breach in just a few months, following a similar attack in June 2024.
Despite the high-profile cases, the overall number of hacks has been gradually decreasing: 16 in August, 17 in July, and 20 in June. PeckShield noted this downtrend as a sign of progress in ecosystem-wide security.
Rising prices fuel attacks
Analysts say the crypto market rally has played a big role in drawing attackers toward high-value wallets and exchanges. Both Bitcoin and Ethereum reached fresh all-time highs in August, with BTC surpassing $124,000 and ETH breaking above $4,946.
Hank Huang, CEO of Kronos Research, explained that hackers often intensify efforts during bull runs:
“August’s surge highlights how attackers are exploiting centralized wallets through advanced phishing and social engineering, exposing hidden weaknesses in operations.”
Earlier this year, monthly losses were even higher, with $385 million stolen in May. That dropped to $176 million in June and $142 million in July, before rising again in August.
Huang warned that unless security technology catches up, the upward trend may continue:
“The real danger is not just price growth, but the lag in defense systems, which creates windows of opportunity for attackers.”
Stronger protection ahead?
Looking forward, experts believe AI-powered tools and improved security frameworks could help reduce the damage from hacks.
PeckShield emphasized that both companies and individuals with large holdings need to step up their defenses:
“High-value targets must remain vigilant and put in place strong, proactive security measures.”
Download the FREE Bitcoin Mining eBook
Kickstart your mining journey with essential insights:
https://bitmernmining.com/landing-page-ebook-download/
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always intere
