Crypto sector saw 50 major hacks in August, losses fell 49% to $136 million

Rising attack frequency, declining total losses

According to data from blockchain security firm PeckShield, the number of major security breaches rose sharply from 30 in July to 50 in August, marking a 67% increase in attacks. However, total losses fell to approximately $136.3 million, representing a 49.5% decline from the $270 million stolen the previous month.

A single event dominated the August figures. TectonicFi, a decentralized finance (DeFi) platform, suffered a breach resulting in losses of about $74 million. This incident accounted for more than half of the total amount stolen that month.

Although August saw a sharp rise in the number of major hacks, total dollar losses declined as most attacks targeted smaller pools of funds.

Notable incidents and responses

PeckShield ranked the TectonicFi exploit as the fourth largest crypto theft in 2026, following previous high-profile attacks on Drift, KelpDAO/LayerZero, and COLDCARD wallet ecosystems. After the breach, efforts to move stolen assets met several obstacles. The majority of compromised funds remained trapped within the targeted platform’s ecosystem, and only $6 million appeared to have been transferred to external chains before Cronos, the blockchain hosting TectonicFi, halted its operations to contain the incident.

The perpetrator behind the TectonicFi hack attempted to launder accessible funds by channeling assets into Bitcoin, a commonly targeted asset during crypto-related thefts, according to PeckShield.

Mini dictionary: PeckShield, a service of security firm PeckShield, monitors and reports on blockchain hacks, exploits, and vulnerabilities across major crypto networks.

While TectonicFi represented the most severe single loss, attacks on several other platforms resulted in smaller but still significant thefts. Termlabs suffered an $8.5 million loss, Moonwell recorded $8.7 million in losses, Coinsbuy lost $7.9 million, and TAC experienced a $7.5 million theft. MANTRA reported losses of $3.6 million, and Injective faced $4.8 million in compromised funds. BounceBit, Cosmos Labs, and Aquifer rounded out the list of major incidents, with reported losses of $3 million, $2.87 million, and $2.47 million, respectively.

Security trends and industry analysis

August’s data points to two contrasting security trends: while financial losses from exploits declined sharply from July, the sheer number of incidents increased considerably. The industry experienced 20 more major hacks than the previous month, underscoring that lower dollar losses do not necessarily indicate improved security.

Despite more attack attempts, the damage per incident generally affected smaller balances, making high-profile events like the TectonicFi breach stand out even more. Analysts emphasize that an uptick in attempts may signal increasing sophistication among attackers or shifting targets toward platforms with less robust defenses.

August’s figures demonstrate that falling financial losses do not automatically reflect stronger defenses, as security lapses grew more frequent despite a drop in overall damage.

The report suggests that continued vigilance from exchanges, project teams, and individual investors remains crucial. As hackers adjust their tactics, the industry’s defenses are consistently put to the test, and the need for proactive security strategies has never been more apparent.