Blockchain security firm PeckShield highlighted via a recent tweet that the crypto market experienced some challenges in September, which included over 20 hack incidents resulting in losses exceeding $120 million.
September Top Hacks
BingX, a Singapore-based crypto exchange, suffered the largest hack of September, losing over $44 million in a hot wallet breach. The hackers targeted multiple blockchains, including Ethereum, Binance Smart Chain, and Base. The platform vowed to cover all losses from its capital and will work with security firms to recover the stolen funds.
The second-largest hack of September targeted the Penpie protocol, a decentralized finance platform hosted on Pendle Finance. The exploit, which occurred on September 3, resulted in a loss of $27 million in client funds. The project’s officials reassured users that their funds were unaffected by the attack.
Indonesia’s largest crypto exchange, Indodax, was ranked the victim of the third-largest hack of September. Similar to the BingX attack, the hackers exploited a vulnerability in the platform’s withdrawal system. According to data from PeckShield, the cyber attacker stole $21 million worth of assets from Indodax’s hot wallet.
In addition to the top three exploits, other hacks in September included Deltaprime, Onyx, and BananaGun. All three resulted in over $12.5 million in lost funds.
Notably, the September hack record showed hackers’ interest in the Asian crypto market. Two of the month’s major hack victims, BingX and Indodax, are Asian crypto exchanges. This follows the biggest hack of the year, targeted at WazirX, another Asian-based platform.
September Ranks 2nd Best Month
PeckShield reports that September is not the worst month of the year. It is the second-best month so far, with fewer hacks, following April, which lost only $60 million to hacks.
While there were exploits in September, May remains the worst month for crypto hacks this year, with $574.6 million stolen. The most significant incident was the $308 million breach at DMM Bitcoin, while Coinbase suffered an $18 million account drain.
Data from PeckShied reveals that February 2024 is the second-worst month for crypto hacks, with over $360 million in losses. The month’s most notable incident was the $290 million PlayDapp breach.
