Major Crypto Hack and Losses in August 2025 

Hackers struck a Bitcoin holder, stealing approximately $91.4 million. BtcTurk lost between $48–54 million from its hot wallets. ODIN•FUN suffered $7 million, BetterBank.io lost $5 million, and CrediXFinance experienced $4.5 million in losses. These figures highlight risks from weak private key management, smart contract vulnerabilities, and operational weaknesses in exchanges. 

Organized hacking groups remained active in August. Reports indicate alleged North Korean hackers stole around $1.6 billion in crypto during the first half of 2025, accounting for roughly 70% of global losses. Moreover, social engineering attacks allowed hackers to infiltrate internal systems. By applying for IT jobs with fake identities, they accessed corporate systems and software supply chains. 

RWA Projects and Rising Security Risks 

Real World Asset (RWA) tokenization projects also faced increasing attacks. Certik reports indicate $14.6 million in losses during the first half of 2025. RWA projects combine on-chain infrastructure with off-chain assets, creating multiple weak points for exploitation. This combination of technical and human-based risks provides attackers significant opportunities. 

Rising attacks emphasize the need for stronger security measures. Audits, red team tests, and insurance coverage have become critical. Additionally, strict internal controls are essential to prevent insider threats. By improving these measures, exchanges and investors can better defend against evolving attack patterns. 

August 2025 demonstrated the crucial importance of a robust security culture in the crypto ecosystem. Both individual investors and institutions must strengthen their systems. Every segment of the chain remains exposed to potential losses, and this trend is likely to continue in the coming months. 

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With $44 million stolen, the crypto world is once again reminded of its vulnerabilities.

Attack Originated from Internal Liquidity Account

According to CoinDCX CEO Sumit Gupta, the breach stemmed from an internal account used for liquidity provision with another exchange. Hackers drained $44 million through what Gupta described as a “sophisticated server breach.”

“No user funds were affected,” Gupta assured. “The compromised account was isolated swiftly, and the loss will be covered entirely by our treasury reserves.”

Funds Traced Across Chains

On-chain analyst ZachXBT traced the attacker’s wallet back to Tornado Cash, where it was funded with 1 Ethereum. The stolen funds were then partially bridged from Solana to Ethereum, making tracking difficult.

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The incident echoes a similar hack on WazirX—another Indian exchange—exactly one year ago to the day, which resulted in a $235 million loss. Analysts see the timing as a grim reminder of persistent cybersecurity gaps in the crypto sector.

Wave of Recent Crypto Exploits

• Nobitex (Iran): $100 million stolen on June 18; source code leaked.
• GMX V1: $40 million drained on July 9, later returned for a $5M bounty.
• Arcadia Finance: $3.5 million lost due to smart contract exploit.

These repeated breaches stress the urgent need for better risk management in both centralized and decentralized ecosystems.

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Crypto scams have been rapidly increasing recently. In particular, the zero-value transfer phishing method is threatening investors. In this method, scammers manipulate users’ wallet histories with zero-value token transfers. Users, mistaking fake addresses for legitimate ones, accidentally send their assets to scammers.  

An investor fell victim to two separate zero-value transfer scams within three hours, losing 843,000 USDT and 1.75 million USDT. According to Cyvers’ report dated May 26, 2025, this method employs a sophisticated onchain phishing tactic. Scammers exploit the token transferFrom function to add zero-value transactions to wallets, causing users to copy incorrect addresses. Additionally, between 2022 and 2024, 270 million address poisoning attempts were detected on Ethereum and BNB Chain. Of these, 6,633 were successful, resulting in losses of 83.8 million dollars.  

ALERTOur system has detected~2.6M $USDT loss from a targeted address poisoning scam involving zero-value transfers. A single victim was repeatedly scammed by the same attacker address.

First, the victim lost 843K $USDT.
About 3 hours later, the same victim sent 1.75M… pic.twitter.com/WWVlrZvavK

— Cyvers Alerts (@CyversAlerts) May 26, 2025

Address Poisoning and Security Measures  

Address poisoning is another method frequently used by scammers. In this technique, scammers create fake addresses that closely resemble legitimate wallet addresses. For example, they mimic the first and last characters of an address to deceive users. In one incident, an investor sent 71 million dollars’ worth of Wrapped Bitcoin to a fake address, but the scammer returned the funds. However, in similar cases, losses are often unrecoverable.

According to CertiK’s 2025 report, phishing attacks in 2024 caused losses exceeding 1 billion dollars. Users should carefully verify addresses before transactions. Using hardware wallets, enabling two-factor authentication, and updating software only from trusted sources enhance security. Additionally, conducting small test transactions can prevent significant losses.  

For instance, Scam Sniffer reported a 771,000-dollar loss due to address poisoning in February 2025. Users should regularly check their wallet histories and report suspicious transactions.  

Crypto Scam: 20 Million USDT Theft  

In a notable case, on August 1, 2023, a scammer successfully stole 20 million USDT through a zero-value transfer phishing attack. According to PeckShield’s report, the victim (wallet address: 0x4071…9Cbc) intended to send funds to 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570. However, the scammer used a similar fake address (0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570) to deceive the investor. After the investor sent 10 million USDT from Binance to another address, the scammer intervened, manipulating the transaction history with a fake zero USDT transfer. As a result, the victim sent 20 million USDT to the scammer’s address.

Tether blacklisted the fake address approximately one hour after detecting the scam. This swift response drew attention in the crypto community. ZachXBT questioned Tether’s speed, suggesting that a “serious player” might be behind the incident. This event highlights that zero-value transfer scams caused over 40 million dollars in losses in 2023.  

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Changpeng Zhao (CZ), the founder of Binance, issued a serious warning to crypto users in a post on the social media platform X. He highlighted an increase in phishing attacks and urged users to take immediate precautions against these threats. 

Scammers often impersonate fake support representatives to steal user information. CZ emphasized that passwords should never be shared with anyone. Genuine support teams never ask for passwords. He also advised against clicking on links received via email. Users are recommended to type the URL directly into the browser to access sites. This method can prevent most phishing attacks. 

Password Security and Password Managers 

Binance’s CZ stated that the same password should not be used across different platforms. Each site should have unique and strong passwords. Password managers offer extra protection by recognizing fake domain names. These small but crucial steps can prevent significant losses. CZ said, “Use unique passwords for each platform. Password managers make this process easier.” 

Two-Factor Authentication and Hardware Keys 

CZ recommended hardware-based 2FA to enhance security. Physical security keys like Yubikey significantly reduce phishing attacks. These keys verify that the person logging in is really you. Research by Binance on users in Asia supports CZ’s words. According to data, 80% of users use two-factor authentication. However, the use of advanced security tools remains low. 

For example, only 21.5% use phishing prevention codes, and just 17.6% use IP whitelisting features. These figures indicate the need for users to develop more conscious security habits. 

Coinbase Incident and Increasing Threats 

Last week’s Coinbase incident revealed the seriousness of the threats. Some overseas support staff accepted bribes to gain access to customer information. This showed that not only technical but also human vulnerabilities pose significant risks. The crypto ecosystem is becoming increasingly complex day by day. The type and frequency of cyberattacks are rising. Therefore, users must not remain passive. It is important to remember that security is not only the responsibility of companies. 

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A data breach involving customer information, coupled with an ongoing SEC investigation into potentially misleading user statistics from 2021, led to a sharp market response.

Shares Slide 7% Amid Rising Concerns

On the evening of May 15, Coinbase stock dropped by 7%, falling to $244 in after-hours trading. Two simultaneous developments triggered this decline:

1. An investigation by the Securities and Exchange Commission (SEC) into Coinbase’s previous claim of having over 100 million “verified users” in 2021.
2. A serious data breach caused by compromised third-party support staff.

The SEC has questioned the accuracy of these user metrics as part of a probe that began during the Biden administration. Coinbase stopped reporting the metric in 2022, opting instead to disclose “monthly transacting users,” which it deems more relevant.

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Chief Legal Officer Paul Grewal stated that while Coinbase disagrees with the continuation of the investigation, it will fully cooperate with the SEC to bring it to a close.

Ransom Refused, Compensation Expected

In a separate incident, Coinbase revealed that attackers used internal support access to leak data from a limited number of accounts. The attackers demanded a $20 million ransom, which Coinbase firmly refused to pay.

However, the company pledged to compensate affected users, estimating total remediation costs to range between $180 million and $400 million.

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Coinbase has promised compensation to all affected users. The company will also cover losses for users deceived by social engineering attacks during this process, aiming to maintain user trust. Additionally, Coinbase created a $20 million reward fund to incentivize information leading to the identification of the attackers. The crypto exchange has started implementing new security measures to prevent user harm. 

Coinbase Cyber Attack

In a clear stance shared on X , Coinbase CEO Brian Armstrong stated: 

“We will not pay ransom to extortionists. Instead, we offer a $20 million reward to those who provide information leading to the identification and prosecution of the perpetrators.” 

Following the attack, Coinbase increased its security measures. A new customer support center was established in the US, where identity verification and fraud awareness notifications became mandatory. Moreover, additional identity verification processes were added for high-value transactions. These steps aim to protect user accounts. The company also announced that it will provide regular updates to users in the coming days. 

The Method Behind the Attack 

The attackers attempted to infiltrate the system by bribing some customer representatives working abroad. Coinbase described this as an unusual and complex social engineering attack. However, the attackers did not gain access to sensitive systems. 

Coinbase estimates that less than 1% of users’ data was affected. Nevertheless, it warned customers to remain vigilant against potential fraud risks. This incident has once again highlighted the growing cyber threats in the crypto sector. Last year, India-based WazirX lost $230 million in a similar attack. Coinbase’s breach underscores the urgent need for data security and regulatory measures. 

Security at crypto exchanges has become not only a technological but also a strategic priority. Users should protect their accounts with two-factor authentication and strong passwords. 

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Major Blow to LockBit 

LockBit targets companies and individuals with ransomware. This time, the gang itself was hacked. Its dark web panel was exposed, and 59,975 Bitcoin addresses along with victim negotiations were leaked. Furthermore, this data provides clues for tracking the gang’s money flow. 

Among the victims targeted by the group are Boeing, Royal Mail UK, ICBC, and Capital Health. The gang allows affiliates to use LockBit’s tools to carry out attacks and share the ransom with the developers. According to Chainalysis reports, Russia-linked gangs (e.g., Evil Corp) earned over $400 million in cryptocurrency from ransomware in 2021. Crypto firms, particularly decentralized finance (DeFi) platforms or small exchanges, are vulnerable to such attacks. 

The panel displays the message: “Don’t commit crimes, crime is bad, R from Prague xoxo,” along with a link to download the “paneldb_dump.zip” file. 

The leaked data includes Bitcoin wallet addresses and ransom negotiations. LockBit’s leader, “LockBitSupp,” claimed that the private keys are secure. However, experts are skeptical of this claim. On the other hand, the leaked information will make it easier for law enforcement to track the gang. The Bitcoin addresses put the gang’s revenue at risk. 

Cybersecurity Warning 

This incident revealed that cybercrime gangs are also vulnerable. Experts urge companies to protect themselves against ransomware. The leaked Bitcoin addresses could enhance cryptocurrency tracking. This situation underscores the importance of cybersecurity measures. 

The attack on LockBit is said to potentially reshape the cybercrime world. The leaked data puts the gang’s affiliates in a difficult position. Law enforcement and experts may be able to dismantle the gang by analyzing this information. Cybersecurity experts believe such incidents could foster greater collaboration. 

Lastly, it should be noted that more work is needed for security in the digital world.

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Why Are North Korea’s Crypto Thefts Significant? 

North Korea has been conducting cyberattacks on crypto exchanges for years. These attacks have now become one of the regime’s main sources of income. Since 2023, hackers have stolen billions of dollars in cryptocurrencies. These funds are supporting nuclear weapons and missile programs. G7 leaders will develop strategies to counter this threat. 

Moreover, North Korea’s hacker groups are targeting vulnerabilities in blockchain technology. Teams like the Lazarus Group are hitting exchanges with sophisticated methods. These attacks are undermining the credibility of the crypto market. The summit will seek solutions to these issues.

What Topics Are on the Table at the G7 Summit? 

The summit in Canada will take place in mid-June 2025. G7 leaders will closely examine North Korea’s cyber activities. Cybersecurity measures and international cooperation are among the key topics. Leaders may propose new regulations to enhance the security of crypto exchanges. According to blockchain analytics firm Chainalysis, North Korea-linked hackers carried out over $1.3 billion in hacks through 47 crypto heists in 2024. However, the summit will not focus solely on North Korea. The regulation of the global crypto market will also be discussed. 

Solutions for Global Security and the Crypto Market 

The G7 Summit could take concrete steps against North Korea’s crypto thefts. International cybersecurity agencies may strengthen their cooperation. The White House has officially claimed that North Korea uses these crypto thefts to fund destructive weapons. Additionally, crypto exchanges security protocols could be tightened. These measures will protect investors and bolster the market’s reputation. 

The G7 Summit is addressing one of the crypto world’s biggest challenges. The summit will be a significant step toward resolving this issue. 

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Two of these companies are even legally registered in the U.S., adding a layer of legitimacy. During the interview, applicants receive a fake error message while trying to record a video, leading them to copy-paste a fix that actually installs malware.

Malware Targets Wallet Keys and Clipboard Data

The campaign utilizes three malware strains: BeaverTail, InvisibleFerret, and Otter Cookie. While BeaverTail is designed for initial compromise and further payload delivery, Otter Cookie and InvisibleFerret focus on extracting crypto wallet keys and clipboard contents.

Silent Push also discovered that hackers are using AI-generated images and stolen real photos to create fake employee profiles for the companies, boosting credibility. Analyst Zach Edwards noted that some images were subtly altered using AI tools to resemble the original person but appear unique.

The campaign has been active since 2024, and at least two developers were directly affected—one of whom had their MetaMask wallet compromised. The FBI has since shut down BlockNovas, but SoftGlide and other parts of the operation remain online.

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Lumma Stealer and Atomic Stealer Identified

The malware includes Lumma Stealer, active since 2022, which targets cryptocurrency wallets and 2FA extensions. Atomic Stealer, first identified in 2023, steals admin credentials and other sensitive data.

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Scammers Engage Directly with Victims

Scammers assist users in downloading and installing the fake software, building trust on Reddit threads. Malwarebytes traced the hosting website to a Dubai cleaning company and found the command server registered in Russia.

Users are advised to avoid cracked software requiring disabled security measures. The files are double-zipped and password-protected—practices rarely seen in legitimate distributions.

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