Crypto Hacks Cost $163M in August, BtcTurk Hit Again

The crypto industry faced heavy losses in August as hackers stole more than $163 million. Data from PeckShieldAlert shows that 16 major attacks took place. That marks a 15% rise from July’s $142 million. Turkish exchange BtcTurk once again fell victim to a major breach. The company lost more than $50 million. Only a year after a similar attack cost it $54 million in June 2024. 

With this latest theft, BtcTurk’s total losses now exceed $100 million. The repeated attack has raised serious concerns about the platform’s security. Many users are now questioning whether the exchange can rebuild trust after suffering two massive breaches in such a short time.

Biggest Loss Came From a Bitcoin Holder

The largest single incident in August did not target an exchange. Instead, a Bitcoin holder lost $91.4 million. The details remain unclear. But the loss shows the risks of holding large amounts of crypto in wallets. That may lack proper safeguards. The case stands as a reminder that both individuals and institutions face growing threats from skilled attackers. Even long-time holders can become victims if security is not maintained.

Other Major Incidents

Aside from BtcTurk and the large Bitcoin theft, several other platforms suffered costly exploits:

• ODIN FUN lost around $7 million
• BetterBank faced losses of $5 million
• CrediX Finance lost about $4.5 million

These incidents show that hackers are targeting a wide range of companies. From exchanges to DeFi projects. No part of the crypto industry seems safe from ongoing attacks.

Security Concerns Grow

The sharp increase in hacks shows how vulnerable the sector remains. Even with significant investments in cybersecurity, hackers still discover flaws in DeFi platforms and exchanges. A single leak can drive users away and harm one’s reputation. Analysts say that August’s losses confirm a troubling trend. Each month, millions in crypto vanish, often with little chance of recovery. This cycle hurts investor confidence and mainstream adoption.

Outlook

The latest numbers from PeckShieldAlert stress the need for stronger security measures. Exchanges like BtcTurk face growing pressure to protect assets and restore confidence. Currently, hackers hold the upper hand. Unless firms invest more in protection and monitoring. Losses may continue to rise in the coming months.