Crypto Thefts Surge to $163M in August Amid Pivot to High-Value Targets

Cryptocurrency theft rose significantly in August, with hackers and scammers stealing an estimated $163 million across 16 separate incidents. This represents a 15% increase from the $142 million recorded in July, though it remains 47% lower than the same period last year.

According to blockchain security firm PeckShield, the increase reflects a strategic shift in criminal tactics, with hackers now focusing primarily on high-value targets such as centralized exchanges and individual holders. Cybersecurity experts attribute the rise to both this refined targeting and overall increases in cryptocurrency valuations.

A single social engineering attack accounted for the majority of August’s losses—one Bitcoiner lost 783 BTC, then valued at approximately $91 million, after fraudsters impersonated support staff from a crypto exchange and hardware wallet provider. This incident alone made up more than half of the month’s total stolen funds, underscoring the growing threat of sophisticated phishing and deception-based attacks.