In September 2024, cryptocurrency platforms faced significant security breaches, resulting in losses of over $120 million from more than 20 hacks, according to blockchain forensic firm PeckShield.
The attacks targeted both centralized and decentralized platforms, with exchanges like BingX, Penpie, and Indodax among the most affected.
#PeckShieldAlert September 2024 saw 20+ hacks in the crypto space, leading to ~$120.23 million in losses. (Note: The $32.4 million worth of $spWETH drained in a Permit signature #phishing is not included)#Top 10 Hacks in September 2024:#BingX: $44 million#Penpie: $27 million… pic.twitter.com/t2YuvIds6u
— PeckShieldAlert (@PeckShieldAlert) October 1, 2024
BingX and Indodax were the hardest hit, contributing to more than half of the total losses. BingX alone suffered a $40 million loss, while Indodax reported $22 million in damages. Despite these incidents, the losses marked the second-lowest month for hacks in 2024, trailing only April. Overall, losses in September were down 61.7% from August, when hackers stole nearly $314 million from various platforms.
In total, the cryptocurrency space saw losses of approximately $413 million in the third quarter, as per a report from web3 bug bounty platform Immunefi. Several DeFi protocols were also affected. Penpie, a prominent DeFi protocol, was exploited for $27 million. Other significant breaches included Delta Prime, which lost $5.9 million, Truflation with $5.6 million in losses, and Bedrock, which suffered a $2 million theft.
Some platforms, however, managed partial recoveries. Crypto lending platform Shezmu, initially hacked for $5 million, recovered some of the stolen funds after engaging directly with the hacker via the blockchain. Additionally, the Telegram bot Banana Gun, which lost $3 million, has pledged to reimburse traders impacted by the breach.
One of the more recent incidents occurred on September 27, 2024, when Bedrock, a multi-asset liquid staking protocol, reportedly suffered a security exploit involving its uniBTC asset. The Bedrock team confirmed the $2 million loss and reassured users that the breach had been contained. They stated that the protocol is now focused on identifying the root cause and plans to implement a reimbursement strategy for affected users.
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