2024

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Truflation

<p class="is-style-lead">Crypto hacks in September resulted in over $120 million in losses, with the top incidents targeting platforms like BingX, Penpie, and Indodax.</p> 
<p>The crypto space has surpassed more than $120 million in losses in September due to more than 20 <a href="https://crypto.news/tag/crypto-hack/" target="_blank">hacks</a>, down 61.76% from August, according to data from blockchain forensic firm PeckShield.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#PeckShieldAlert</a> September 2024 saw 20+ hacks in the crypto space, leading to ~$120.23 million in losses. (Note: The $32.4 million worth of <a href="https://twitter.com/search?q=%24spWETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank">$spWETH</a> drained in a Permit signature <a href="https://twitter.com/hashtag/phishing?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#phishing</a> is not included)<a href="https://twitter.com/hashtag/Top?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#Top</a> 10 Hacks in September 2024:<a href="https://twitter.com/hashtag/BingX?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#BingX</a>: $44 million<a href="https://twitter.com/hashtag/Penpie?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank">#Penpie</a>: $27 million… <a rel="" href="https://t.co/t2YuvIds6u" target="_blank">pic.twitter.com/t2YuvIds6u</a></p>— PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1840945999306735725?ref_src=twsrc%5Etfw" target="_blank">October 1, 2024</a>
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<p>In an X post on Oct. 1, PeckShield <a href="https://x.com/PeckShieldAlert/status/1840945999306735725" target="_blank">reported</a> that BingX, a Singapore-based cryptocurrency exchange, <a href="https://crypto.news/crypto-exchange-bingx-suffers-hacker-attack-losses-surpass-40m/" target="_blank">was hit</a> the hardest with over $40 million in losses, followed by Penpie at $27 million, and Indodax, which <a href="https://crypto.news/indonesian-crypto-exchange-indodax-suffers-22m-hack-report/" target="_blank">lost over $21 million</a>. Other incidents included DeltaPrime, which <a href="https://crypto.news/avalanche-backed-borrowing-protocol-deltaprime-suffers-4-5m-hack/" target="_blank">saw</a> $5.98 million stolen, and Truflation with $5.6 million in losses.</p> 
<p>A phishing attack targeting $spWETH signatures resulted in an additional $32.4 million drain, though these figures were excluded from the overall tally. Partial funds were returned in the Shezmu hack, which saw $4.9 million stolen. Smaller hacks also impacted Onyx, BananaGun, Bedrock, and CUT, with losses ranging from $1.4 million to $3.8 million.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/openais-press-account-hacked-to-promote-phishing-scam-with-openai-token/"> OpenAI’s press account hacked to promote phishing scam with OPENAI token </a> </p> 
<h2 class="wp-block-heading" id="over-400m-lost-in-q3">Over $400m lost in Q3</h2> 
<p>Despite the significant losses, the overall damage from crypto hacks was markedly lower compared to August, when the industry <a href="https://crypto.news/313m-in-crypto-lost-to-hackers-phishers-august-report/" target="_blank">lost over $300 million</a> worth of crypto in just 10 different incidents. In total, the crypto space saw a loss of nearly $413 million in Q3, per the latest <a href="http://downloads.ctfassets.net/t3wqy70tc3bv/4wrLxaFvKa4NQXA43uPWri/80111984054b3b959e4e2a918537f233/Immunefi_Crypto_Losses_in_Q3_2024.pdf" target="_blank">report</a> from web3 bug bounty platform Immunefi.</p> 
<p>Data reveals that more than $409.9 million was lost to hacks across 31 specific incidents, and $3,087,552 was lost to fraud across only three specific incidents. Most of that sum was lost by two specific projects: WazirX, India’s crypto exchange, which <a href="https://crypto.news/wazirx-hacker-launders-over-64m-insider-involvement-suspected/" target="_blank">suffered</a> an attack that resulted in $235,000,000 lost, and BingX.</p> 
<p>Analysts at Immunefi say that centralized finance was the main target of successful exploits at nearly 75% as compared to decentralized finance at 25.2% of the total losses. The most attacked blockchain network was <a href="https://crypto.news/tag/ethereum/" target="_blank">Ethereum</a>, with 15 incidents, followed by <a href="https://crypto.news/tag/bnb-chain/" target="_blank">BNB Chain</a> (formerly Binance Smart Chain) and Coinbase’s network <a href="https://crypto.news/tag/base/" target="_blank">Base</a>.</p> 
<p> Read more: <a rel="" href="https://crypto.news/crypto-scam-supreme-court-of-indias-youtube-hacked/"> Crypto scam: Supreme Court of India’s YouTube hacked </a> </p>

Crypto losses to hacks surpass $120m in September, PeckShield says

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