Crypto Hackers Steal $163M in August
Surge in crypto thefts tied to social engineering scams and exchange breaches
Crypto hackers and scammers looted over $163 million in August, marking a sharp 15% rise from July’s $142 million, according to blockchain security firm PeckShield. While still down 47% from last year, the month’s losses show how attackers are shifting strategies to target bigger wallets and centralized exchanges.
The most damaging incident involved a social engineering scam where a Bitcoiner lost 783 BTC—worth $91 million at the time—in a single transaction. Criminals posed as exchange and hardware wallet support staff to trick the victim. Another major breach hit Turkish exchange Btcturk, which lost nearly $50 million after hackers accessed its hot wallets. This was its second similar attack in less than three months.
Despite the rising losses, the number of attacks has been trending downward. August recorded 16 incidents, compared with 17 in July and 20 in June. Security experts see this as a sign of improving ecosystem safeguards, though attackers are becoming more precise in their methods.
Analysts also point to the crypto bull run as a factor. Bitcoin hit $124,000 on August 14 and Ether surged past $4,946 on August 24, creating larger incentives for hackers. Hank Huang, CEO of Kronos Research, said exploits often spike during price rallies because the rewards for breaching high-value wallets grow significantly.
Looking ahead, experts warn that losses could keep climbing unless security tools catch up. While advancements in AI-driven defenses and stronger infrastructure may help in the future, for now, high-value holders remain prime targets. Both corporations and wealthy individuals are urged to adopt robust protective measures to defend their assets against increasingly sophisticated attacks.
