Crypto Hacks in September Result in Over $120 Million in Losses

September saw significant losses in the cryptocurrency sector, with over $120 million stolen due to more than 20 hacks. This marks a 61.76% decrease from August, according to data from blockchain forensic firm PeckShield.

Major Incidents in September 2024

PeckShield reported in an October 1 update that the hardest-hit platform was BingX, a Singapore-based cryptocurrency exchange, which suffered losses exceeding $40 million. This was followed by Penpie with $27 million in losses and Indodax, which lost over $21 million.

“September 2024 saw 20+ hacks in the crypto space, leading to ~$120.23 million in losses.”

Other notable incidents included:

  • DeltaPrime: $5.98 million stolen
  • Truflation: $5.6 million in losses
  • Shezmu: $4.9 million stolen (partial funds returned)
  • Onyx, BananaGun, Bedrock, and CUT: Losses ranging from $1.4 million to $3.8 million

Phishing Attack Exclusions

A phishing attack targeting $spWETH signatures resulted in an additional $32.4 million being drained. However, these figures were excluded from the overall tally.

Quarterly Overview

Despite the significant losses in September, the overall damage from crypto hacks was lower compared to August, where the industry lost over $300 million in just 10 incidents. In total, nearly $413 million was lost in Q3, according to a report from web3 bug bounty platform Immunefi.

Data reveals that more than $409.9 million was lost to hacks across 31 incidents and $3,087,552 was lost to fraud across three incidents. The most significant losses were suffered by WazirX, India’s crypto exchange, which lost $235 million, and BingX.

Targeted Sectors and Networks

Analysts at Immunefi noted that centralized finance was the main target of successful exploits, accounting for nearly 75% of the total losses. In contrast, decentralized finance accounted for 25.2% of the losses. The most attacked blockchain network was Ethereum, with 15 incidents, followed by BNB Chain (formerly Binance Smart Chain) and Coinbase’s network Base.

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