Hackers’ Day | July 23: $35.5M Lost. A Reminder That Security Is a Shared Responsibility

On July 24, three major DeFi protocols lost a combined $35.5 million within just six hours, highlighting the growing importance of crypto infrastructure security. This report reviews what happened, what these incidents reveal about today’s security landscape, and why building resilient protection systems has become a shared responsibility across the entire crypto industry.

TL;DR

• July 23 became “Hackers’ Day” after three major security incidents resulted in approximately $35.5 million in losses within six hours.
• The attacks targeted cross-chain bridges and supporting infrastructure, rather than the underlying blockchains themselves.
• The incidents highlight why security today extends far beyond smart contracts, requiring stronger infrastructure, operational resilience and transparency across the industry.
• Every crypto platform has a role to play in strengthening user protection through continuous investment in security.
• At WEEX, that commitment includes a 1,000 BTC Protection Fund, 1:1 Proof of Reserves, enterprise-grade infrastructure and eight years of secure operations.
• Security is not defined by how platforms respond after attacks. It is built long before attacks happen.

A Wake-Up Call for the Entire Crypto Industry

On July 23, three separate security incidents resulted in approximately $35.5 million in losses within just six hours.

Although the affected projects belonged to different ecosystems, they shared one important message. Security is not a challenge unique to any single protocol, platform or architecture. It is a responsibility shared across the entire crypto industry.

As blockchain technology continues to evolve, so do the methods used by attackers. Every new layer of infrastructure—from bridges and validators to wallets and cloud services—creates new opportunities for innovation, but also new responsibilities for protecting users.

Rather than focusing on which project was attacked, these incidents encourage a more important discussion:

How can the industry continue building a safer environment for everyone?

Three Incidents. One Common Lesson.

Protocol	Estimated Loss	Root Cause	Current Status
AFX Trade	$24.15M	Third-party bridge infrastructure	Negotiating with attacker
Verus Ethereum Bridge	$7.54M	Bridge import mechanism exploited	Investigation ongoing
B² Network	$3.86M	Investigation ongoing	Investigation ongoing

Although the three incidents affected different projects, they revealed a common pattern: None resulted from failures of Bitcoin, Ethereum or Arbitrum themselves. Instead, attackers exploited supporting infrastructure such as cross-chain bridges and off-chain verification systems.

The industry’s infrastructure has become increasingly interconnected and so have the security challenges that come with it. As crypto continues to evolve, security must evolve alongside innovation.

Building Security for a More Connected Crypto Ecosystem

Every innovation brings new opportunities and new responsibilities.

Whether assets move through decentralized protocols, centralized platforms or cross-chain infrastructure, protecting users increasingly depends on the strength of the systems supporting them.

The events of July 23 highlight three areas the industry continues to strengthen.

• Infrastructure Resilience — Modern crypto applications rely on bridges, validators, oracles, cloud services and other interconnected components. Strengthening every layer of infrastructure has become increasingly important as ecosystems grow more connected.
• Protection Mechanisms — Security today is no longer only about preventing attacks. It also includes how platforms prepare for unexpected events through transparent reserves, operational safeguards and long-term risk management.
• User Confidence Through Transparency — Clear communication, verifiable asset protection and well-defined incident response processes all help strengthen trust when unexpected events occur.

Security is no longer a feature added after products are built. It has become a core part of building sustainable crypto infrastructure.

How the Industry Continues to Improve

Every major security incident leaves behind valuable lessons. Over the past several years, the crypto industry has continuously strengthened its security standards by investing in:

• Independent security audits
• Bug bounty and responsible disclosure programs
• Proof of Reserves
• Protection funds
• Real-time risk monitoring
• Stronger wallet security
• Better operational controls

While no platform can eliminate every risk, each improvement helps raise the overall security standard for the entire ecosystem.

Security is not a destination. It is an ongoing process of learning and improvement.

Building Security Before Incidents Happen

Every major incident reminds the industry that preparation matters more than reaction.

At WEEX, security has always been approached as a long-term commitment rather than a short-term response. Our security framework combines transparency, operational resilience and continuous investment to help protect user assets.

• 1,000 BTC Protection Fund — An additional protection reserve designed to provide greater confidence during unexpected security events.
• 1:1 Proof of Reserves — Publicly verifiable reserves that allow users to independently confirm their assets are fully backed.
• Enterprise-Grade Infrastructure — Multi-layer cold wallet management, continuous risk monitoring and strict operational controls help strengthen platform resilience.
• Eight Years of Secure Operations — Since 2018, WEEX has maintained a strong operational security record through multiple market cycles.
• Trusted by Over 10 Million Users — Long-term confidence from users around the world reflects our continued commitment to security and reliability.
• Chosen by 1 in Every 6 Crypto KOLs — Recognition from leading voices across the crypto community reinforces our focus on transparency and platform quality.

Security is not something users should only think about after an incident. It should be something they can rely on every day.

Five Safety Tips for Every Crypto User

No matter which products or platforms you use, protecting your assets should always remain the first priority.

✅ Understand how a platform protects user assets before depositing funds.

✅ Verify wallet permissions and smart contract addresses carefully.

✅ Be cautious of products promising unusually high returns.

✅ Diversify assets and avoid relying on a single protocol or platform.

✅ Evaluate transparency, operational practices and security infrastructure—not just features or returns.

Security works best when platforms, developers and users all play their part.

Final Thoughts for WEEX Users

The events of July 23 remind us that security is never a one-time achievement, it’s an ongoing commitment. Every incident pushes the industry to build stronger infrastructure, greater transparency and better protection for users. 

At WEEX, that commitment guides every investment we make in security, because putting users first is the foundation of a stronger crypto ecosystem.

Disclaimer: This article is provided for informational and educational purposes only and should not be considered financial, investment, legal or cybersecurity advice. The information presented is based on publicly available sources and official statements available at the time of publication. As investigations into the referenced security incidents remain ongoing, certain details may change as new information becomes available. References to third-party projects or platforms are intended solely for factual reporting and industry analysis, and do not constitute endorsements or criticisms. Readers should conduct their own research and carefully evaluate the risks associated with any crypto platform, protocol or digital asset before making financial decisions.

About WEEX

Founded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era delivering real time AI news, empowering users with AI trading tools, and exploring innovative trade to earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.

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