DeFi

Planet

Banana

Truflation

Bedrock

<div class="intro-text">
 In September 2024, cryptocurrency platforms faced significant security breaches, resulting in losses of over $120 million from more than 20 hacks,<a style="color: #0000ff;" href="https://x.com/PeckShieldAlert/status/1840945999306735725" rel="noopener noreferrer nofollow"> according to blockchain forensic firm PeckShield</a>.
</div>
 The attacks targeted both centralized and decentralized platforms, with exchanges like BingX, Penpie, and Indodax among the most affected.
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/PeckShieldAlert?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#PeckShieldAlert</a> September 2024 saw 20+ hacks in the crypto space, leading to ~$120.23 million in losses. (Note: The $32.4 million worth of <a href="https://twitter.com/search?q=%24spWETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$spWETH</a> drained in a Permit signature <a href="https://twitter.com/hashtag/phishing?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#phishing</a> is not included)<a href="https://twitter.com/hashtag/Top?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Top</a> 10 Hacks in September 2024:<a href="https://twitter.com/hashtag/BingX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BingX</a>: $44 million<a href="https://twitter.com/hashtag/Penpie?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Penpie</a>: $27 million… <a href="https://t.co/t2YuvIds6u" rel="noopener noreferrer nofollow">pic.twitter.com/t2YuvIds6u</a>
 — PeckShieldAlert (@PeckShieldAlert) <a href="https://twitter.com/PeckShieldAlert/status/1840945999306735725?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 1, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<a style="color: #0000ff;" href="https://x.com/PeckShieldAlert/status/1830100798338224548" rel="noopener noreferrer nofollow"> marked</a> 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<a style="color: #0000ff;" href="https://downloads.ctfassets.net/t3wqy70tc3bv/4wrLxaFvKa4NQXA43uPWri/80111984054b3b959e4e2a918537f233/Immunefi_Crypto_Losses_in_Q3_2024.pdf" rel="noopener noreferrer nofollow"> report</a> from web3 bug bounty platform Immunefi. Several DeFi protocols were also affected. Penpie, a prominent DeFi protocol, was<a href="https://defi-planet.com/2024/09/penpie-protocol-hacker-reportedly-laundered-7m-through-tornado-cash-within-12-hours-of-27m-theft/" rel="noopener noreferrer nofollow"> exploited</a> for $27 million. Other significant breaches included<a style="color: #0000ff;" href="https://defi-planet.com/2024/09/deltaprime-suffers-5-93m-crypto-loss-in-suspected-private-key-leak/" rel="noopener noreferrer nofollow"> Delta Prime</a>, which lost $5.9 million, Truflation with<a style="color: #0000ff;" href="https://x.com/truflation/status/1839043719124889963" rel="noopener noreferrer nofollow"> $5.6 million</a> in losses, and Bedrock, which<a style="color: #0000ff;" href="https://x.com/Bedrock_DeFi/status/1839479965685100780" rel="noopener noreferrer nofollow"> suffered a $2 million</a> theft.
Some platforms, however, managed partial recoveries. Crypto lending platform Shezmu, initially<a style="color: #0000ff;" href="https://x.com/shoucccc/status/1837228053862437244" rel="noopener noreferrer nofollow"> hacked</a> 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,<a style="color: #0000ff;" href="https://defi-planet.com/2024/09/liquid-restaking-protocol-bedrock-hit-by-2m-exploit/" rel="noopener noreferrer nofollow"> reportedly suffered</a> 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.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/10/crypto-platforms-report-120m-in-losses-from-over-20-hacks-in-september/" rel="noopener noreferrer nofollow">Crypto Platforms Report $120M in Losses from Over 20 Hacks in September</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Crypto Platforms Report $120M in Losses from Over 20 Hacks in September

DeFi Planet

Other articles published on Oct 1, 2024

Circle to Expand USDC in Australia Through Partnership with MHC Digital Group

ApeX Unveils Deflationary Tokenomics Model for $APEX and 40% Discount Investment Opportunity

Binance Issues Critical Warning on Token Model Risks In The Past 18 Months!

League of Kingdoms P2E Game Launches Arena-Z Gaming Layer 2

When Will Bitcoin’s New Rally Start? Is There A Bullish Expectation? Analysis Company Explained

Merlin Chain Collaborates with Ethereum for Asset Bridging and Liquidity Support

Join our free newsletter for daily crypto updates!