PeckShield recorded 50 crypto attacks in August, with the Tectonic incident accounting for more than half of the month’s losses.
Moonwell, Term Labs, Coinsbuy and TAC were among August’s other major crypto losses
Photo Credit: Unsplash/FlyD
The number of crypto hacks witnessed a sharp increase in August, even though the amount of money lost declined almost by half from July levels, as per a blockchain security firm, PeckShield. On September 1, the security firm said it had detected 50 attacks in August. This is a 67 percent increase from the 30 cases reported in July. The estimated loss stood at $136.3 million (roughly Rs. 1,294 crore), which is a decrease of 49.5 percent from the $270 million (roughly Rs. 2,564 crore) lost in July.
The numbers provided by PeckShield may differ as projects continue to investigate transactions, freeze assets, and recover funds. The Tectonic lending scam was the major event of the month, contributing about $74 million (roughly Rs. 703 crore) to make up a majority of August's total. The August data reveals an increasing trend of attacks with losses arising from one big attack. Except for Tectonic, the other 49 attacks led to an estimated total damage of around $62.3 million (roughly Rs. 592 crore).
According to Peckshield, the next biggest hack was that of Moonwell, valued at around $8.7 million (roughly Rs. 82.6 crore). Following these attacks, Term Labs was valued at $8.5 million (roughly Rs. 80.7 crore), while Coinsbuy and TAC were noted to have losses of $7.9 million (roughly Rs. 75 crore) and $7.5 million (roughly Rs. 71.2 crore), respectively.
Other incidents included Injective at $4.8 million (roughly Rs. 45.6 crore), MANTRA at $3.6 million (roughly Rs. 34.2 crore), BounceBit at $3 million (roughly Rs. 28.5 crore), and Cosmos Labs at $2.87 million (roughly Rs. 27.3 crore). Aquifer rounded up PeckShield's top ten list with a loss of approximately $2.47 million (roughly Rs. 23.5 crore). These figures represent the final net loss amounts. The security companies may categorise the situations in a different way, especially where the money involved is still traceable or recoverable. There is also room for adjustment of estimates in light of the outcome of technical analysis.
The crypto firm revealed the issue with its Cronos lending protocol on August 30, warning users not to use the platform until its team investigates the situation. Security experts estimated that a hacker exploited the vulnerability in collateral price manipulation and took out loans worth around $74 million (roughly Rs. 703 crore). Tectonic has not announced an official figure for the loss amount as yet, and there is no technical report available, which means the estimated amount could change. PeckShield categorised the hack at Tectonic as the fourth-biggest cryptocurrency theft of 2026. The attack lagged behind the hacks associated with Drift, KelpDAO and LayerZero, and hardware wallet company Coldcard.
As per earlier reports, crypto losses hit $1 billion (roughly Rs. 9,495 crore) during the first half of 2026 as the sector witnessed its highest tally of hacks within six months, claims on-chain security platform Blockaid. The two blockchain networks, Ethereum and Solana, experienced the biggest impact of attacks on their systems. While code exploitation was the cause of Ethereum attacks, keys and signing infrastructure breaches were the reason behind Solana losses.
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