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BTC A theft spree is sweeping the crypto world, with Coldcard hacking leading the list
July was a difficult month for cryptocurrency security, with cybercriminals stealing a staggering amount of US$247.4 million from various digital platforms. The theft spree exposed multiple weaknesses in the industry, affecting everything from hardware wallets to trading platforms.
Why did Coldcard lose?
Coldcard hardware wallet vulnerability became the largest theft case, severely hitting the industry. Galaxy Research records show that more than 7300 Bitcoin wallets were breached, resulting in more than $100 million in theft losses. If the fourth suspected breach is confirmed, the total loss could soar to $130 million, suggesting that Coldcard's vulnerability as a Bitcoin vault was exposed under targeted attacks.
A flaw in the wallet recovery feature makes Coldcard vulnerable and risks even in offline storage scenarios. Cold storage, once regarded as a safe haven, is not perfect in the face of internal loopholes.
What went wrong with other agreements?
Arbitrum was not spared, with two major incursions occurring within a month. A private key leak on July 22 resulted in $24.15 million in damage, and another hack targeting the off-chain pricing system stole $23.75 million from the Ostium platform. The Arbitrum team ensured that despite the double blow, critical bridging infrastructure remained intact.
Bonzo Lend, meanwhile, suffered a $9 million loss because a price-fixing scheme used a third-party oracle to allow borrowing well above acceptable mortgage standards.
Other issues have arisen this month, including:
Crypto-payment company Triple-A lost $9.7 million due to a hot wallet vulnerability.
Bridge verification bypass on Verus-Ethereum causes $7.53 million to disappear.
Wanchain lost $6.5 million due to signature attack.
Crypto DAO and Allbridge Core were attacked, with a total loss of nearly US$9.85 million.
Complex attacks suggest that vulnerabilities in the industry have diversified. The scope of the attack covers smart contract vulnerabilities, hardware vulnerabilities, bridging vulnerabilities and liquidity infrastructure manipulation.
Recent events have highlighted the need for strong security measures, while recovery efforts continue. SecondFi, a Cardano-related project, remains in the spotlight due to a massive intrusion with estimated losses of $2.4 million to $2.6 million. As the cleanup continued into July, the team eventually shut down operations, demonstrating the lasting and severe impact of these cyber attacks.
