Crypto hacks in August reached $163 million as stock market risks grow

• The largest theft involved $91.4 million from anonymous Bitcoin addresses.
• Other victims included Odin.fun ($7 million), BetterBank.io ($5 million), and CrediX Finance ($4.5 million).
• Weak audits, human error, and rapid platform launches increase security risks.

The digital asset industry suffered another blow in August when hackers stole $163 million in 16 separate incidents, like blockchain security company PeckShield announced.

This was a jump from July’s $142 million and shows that attacks are becoming more frequent and technologically advanced.

The largest theft involved $91.4 million from multiple anonymous Bitcoin addresses, underscoring the vulnerability of both individual investors and institutions.

Aside from the immediate financial losses, these incidents raise questions about the security of centralized platforms and the long-term impact on investor confidence in the broader crypto market as it continues to expand globally.

$54 million BtcTurk hack highlights stock market weaknesses

One of the biggest cases in August was the collapse of BtcTurk, the leading Turkish crypto exchange, which lost $54 million.

This incident was particularly notable as the same platform was already affected for an additional $54 million in June 2024, bringing total annual losses to over $100 million.

BtcTurk confirmed that unauthorized access has been detected, affected wallets have been frozen and investigations are underway with local authorities.

The repeat of the attack shows that centralized exchanges remain a valuable target, with security measures proving inadequate against persistent attackers.

Other platforms lost $17 million in separate cases

While BtcTurk dominated the headlines, smaller but still damaging attacks hit other platforms. Odin.fun lost $7 million, BetterBank.io suffered losses of $5 million, and CrediX Finance was deprived of $4.5 million.

These examples show how cybercriminals target not only large exchanges but also smaller platforms, often exploiting weak security audits or untested systems.

The cumulative effect of these breaches shows that no level of the crypto ecosystem is safe from exploitation, whether through technical loopholes or fundamental operational failures.

Human error and lack of audits are fueling increasing attacks

PeckShield data shows that the rapid growth of the crypto sector is directly related to the increasing number of hacks. New platforms and protocols are often introduced quickly and without thorough security reviews, giving attackers multiple entry points.

In addition to structural weaknesses, human error still plays a major role. Users who don’t enable two-factor authentication, rely on weak passwords, or fall victim to phishing scams leave both exchanges and personal wallets vulnerable to compromise.

The combination of technical flaws and behavioral errors creates an environment in which cybercrime thrives, forcing exchanges and investors to rethink their defenses.

Regulators in several countries have noted these trends and highlighted the need for stricter compliance controls.

Bitcoin falls as investor confidence wanes

The impact of these hacks has spread to the broader market. Bitcoin (BTC) slipped 0.29% in the last 24 hours to trade at $108,361.50, with a market cap of $2.15 trillion.

Those: CoinMarketCap

Analysts warn that repeated breaches could slow mainstream adoption, as each incident undermines investor confidence and strengthens the case for tougher regulations to protect consumers and stabilize trading activity.