September 2024 saw cumulative cryptocurrency hack losses exceeding $120 million, marking the second-lowest monthly total for the year, following April. Despite the decrease, centralized exchanges remained prime targets, with BingX and Indodax accounting for over half of the month’s total losses.
Centralized Exchanges Under Attack
According to blockchain security firm Peckshield, September saw more than 20 separate crypto hacks, with total losses amounting to $120.23 million. While this represented a 61.7% decrease compared to August’s staggering $314 million in losses, centralized exchanges like BingX and Indodax bore the brunt of the attacks.
BingX suffered the largest single loss in September, with $44 million stolen, while Indodax reported a $21 million hack. Decentralized entities also faced significant hits, including decentralized finance (DeFi) platform Penpie, which lost $27 million to an exploit.
Other Notable DeFi Hacks
Several other DeFi platforms were affected during September. Delta Prime suffered a $6 million loss, inflation data provider Truflation lost $5.6 million, and the crypto restaking protocol Bedrock was hacked for $2 million.
Notably, crypto lender Shezmu managed to recover part of the $5 million it lost through on-chain negotiations with the hacker. Similarly, Telegram bot Banana Gun announced refunds to traders impacted by its $3 million exploit.
WazirX Still Reeling From Largest 2024 Hack
Indian exchange WazirX, which experienced 2024’s largest crypto hack in July, is still grappling with the aftermath of a $235 million loss from a compromised Ethereum wallet. Three months later, the exchange has yet to offer a formal plan to compensate affected users.
Additionally, CoinSwitch, a rival exchange, has initiated legal action to recover $6.2 million in assets from WazirX, as the embattled platform continues its recovery efforts.
