Cumulative losses from cryptocurrency hacks exceeded $120 million in September, making it the second-lowest monthly loss from hacks in 2024 after April.
Centralized exchanges remain frequent targets of cryptocurrency hackers, causing significant losses every month. In September, cryptocurrency exchanges BingX and Indodax accounted for more than half of the $120 million in losses.
source: peck shield
Blockchain research firm Peckshield said more than 20 hacks resulted in a total loss of $120.23 million.
Centralized exchanges are still vulnerable
In September, losses due to hacking decreased by 61.7% compared to August, when the cryptocurrency ecosystem lost approximately $314 million. Of the two cryptocurrency exchanges hacked in September, BingX suffered the highest losses at $44 million, while Indodax suffered losses of $21 million.
Several decentralized institutions were also affected, including decentralized finance protocol Penpie, which lost $27 million due to the exploit. Other high-profile DeFi hacks include DeFi platform Delta Prime ($6 million), inflation data platform Truflation ($5.6 million), and cryptocurrency liquidity re-staking protocol Bedrock ($2 million).
relevant: Binance denied responsibility for the $230 million WazirX hack and urged users to repay.
Shezmu, a cryptocurrency lender that was initially hacked with $5 million, partially recovered the stolen funds through on-chain negotiations with the hackers. Telegram bot Banana Gun also announced refunds to cryptocurrency traders affected by the $3 million hack.
WazirX is struggling after the biggest cryptocurrency hack of 2024.
Indian cryptocurrency exchange WazirX remains the biggest victim of hacking in 2024 as of October 1.
On July 18, WazirX suffered a loss of $235 million after one of its Safe Multisig wallets on Ethereum was compromised. Following the breach, the exchange suspended all cryptocurrency and cash withdrawals to conduct an internal investigation.
Three months later, WazirX has yet to announce an improvement plan to compensate affected users.
source: Coin switch
In a recent development, rival cryptocurrency exchange CoinSwitch has taken legal action against WazirX in a bid to recover 2% of its assets worth approximately $6.2 million. Despite ongoing fund recovery efforts, WazirX recently revealed that 43% of its customers’ funds were irretrievably lost.
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