Litecoin user promotes fraudulent meme coin through their account.
In a concerning turn of events, the crypto industry has seen a surge in malicious activities, with more than $3.01 billion in losses reported in 2024 alone [1]. This alarming trend continued into July 2025, with a series of hacking incidents targeting cryptocurrency exchanges and influential accounts on X, formerly Twitter.
One such exchange, WOO X, suffered a significant blow when about $14 million was stolen from user accounts. The specific hacking method is currently under investigation by partnered security firms Seal911 and Hypernative [1]. This incident is part of a broader wave of attacks, with CoinDCX losing $44 million through compromised employee credentials, BigONE losing $27-$28 million from hot wallet breaches, and GMX suffering a $42 million DeFi protocol exploit [1][2][3].
The hackers behind these attacks are cybercriminals exploiting vulnerabilities such as access control flaws, credential compromises, and phishing attacks targeting centralized exchanges and influential accounts [1][2]. Some of the stolen funds have been returned, suggesting the involvement of white-hat hackers [2][3].
The total reported losses from crypto hacks in July 2025 alone stand at around $142 million, marking a 27% increase from June [2][3]. With projections suggesting potential cumulative losses could exceed $4.3 billion by the end of the year [2][3], the crypto community is on high alert.
While the recent account hacks on X appear more focused on exchange infrastructure and on-chain wallets rather than direct Twitter account breaches [4], the risks from social engineering and phishing persist. For instance, the X accounts of Litecoin, Foresight Ventures, and more recently, LayerZero Labs and Holoworld AI have been targeted in hacking incidents promoting token scams.
In January 2025, the account of Litecoin was briefly compromised, promoting a fake meme token [5]. The team quickly regained control and apologized for the incident, but the total amount of funds lost remains unknown [5]. Similarly, the X account of Foresight Ventures, which has 28,000 followers, was compromised and used to promote a token scam [6]. Foresight Ventures is actively working to resolve the issue.
Rapid action by the teams and support from organisations like @brainchainLLC helped identify and halt the sophisticated phishing attacks targeting these socials [6]. The unauthorized posts were immediately found and the compromised accounts were removed [5].
The investigations into these hacking incidents are still ongoing, with the aim of identifying the hackers and tracking the stolen assets [1][2]. As the crypto industry continues to evolve, so too does the need for robust security measures to protect against these malicious activities.
References:
[1] PeckShield, 2025. Report: Crypto Industry Losses Top $3 Billion in 2024 Amidst Surge in Malicious Activities
[2] CoinTelegraph, 2025. Crypto Exchanges Lose Over $142 Million in July as Hacks and Scams Surge
[3] Decrypt, 2025. Crypto Exchanges Suffer $142 Million in July as Hacks and Scams Surge
[4] CoinDesk, 2025. Crypto Scams on Twitter: A Look at the Recent Surge in Hacks and Fraudulent Activities
[5] Litecoin Foundation, 2025. Statement on Litecoin Twitter Account Compromise
[6] Foresight Ventures, 2025. Security Incident: Foresight Ventures Twitter Account Compromised
Investors and technology firms must be vigilant as cybersecurity issues continue to plague the crypto industry, with reports suggesting potential cumulative losses could exceed $4.3 billion by the end of the year. As financial assets, cryptocurrencies are increasingly becoming attractive targets for cybercriminals who exploit vulnerabilities such as access control flaws, credential compromises, and phishing attacks.
