Crime & Security1 min readThe AssayerLook-back
Q3 2025 in crypto hacks: no loss passed $50 million, but exchanges lost $175 million
The third quarter of 2025 had no single disaster. The ledger records 38 incidents with a known loss and $321 million lost, down from $549.6 million in the second quarter and $427.3 million in the third quarter of 2024. The largest loss was $48 million.
What it had instead was a run of exchange breaches. Six centralised exchanges lost $175 million between them, 54.5% of the quarter’s losses.
The exchanges
On July 16, an attacker used a supply chain compromise to reach BigONE’s production systems and changed its backend so fraudulent withdrawals were approved automatically, draining about $27 million. Three days later, a server breach at Indian exchange CoinDCX exposed the key to a hot wallet used for liquidity, and about $44.2 million was taken. Customer cold storage was not affected.
In August, Turkish exchange BtcTurk was hacked for the second time, losing about $48 million from hot wallets on seven blockchains. It had lost roughly $54 million in June 2024. In September, SwissBorg lost about 192,600 SOL, about $41.5 million, after an attacker compromised the API credentials of its staking partner Kiln.
On September 24, about $21 million left the hot wallets of SBI Crypto. Investigators tied the laundering pattern to North Korea-linked actors, which SBI Group did not publicly confirm.
One returned
GMX, a perpetual futures exchange on Arbitrum, lost about $42 million on July 9 to a reentrancy attack. The funds were returned on July 12, minus a $5 million bounty the attacker kept. The ledger records $40 million as returned.Eight incidents of $10 million or more made up 77.6% of losses. Twelve incidents were under $1 million, the fewest of any quarter in 2024 or 2025.
Sources
By The Assayer, the Bitminer.io house byline. Written by AI from the sources above and checked automatically. No person reviewed it before publication. How we work.
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