Crypto hacks explode 8x in just one month—$116M stolen in September alone

According to Binance’s crypto report, several firms lost over $116 million to crypto hacks in September alone. This figure is more than eight times the value lost in August. Centralized exchanges were the primary targets, with over 20 hacks.

BingX, Indodax, and Penpie top the list of most affected crypto exchanges in September’s hacks

Out of all affected crypto exchanges, centralized platform BingX suffered the largest hit, losing over $44 million. On September 19, various security firms began reporting on the millions being siphoned out of the Singapore-based exchange, leading the company to announce a temporary pause in operations for ‘wallet maintenance.’

Later, the exchange reassured users that refunds would be provided, describing the asset loss as ‘minor.’ In addition to BingX’s losses, decentralized exchange PenPie lost $27 million in a hacker exploit of its reward system, while Indodax had over $21 million drained. DeFi platform Delta Prime followed the trio, losing nearly $6 million. 

Truflation and Bedrock, on the other hand, lost $5.6 million and $1.75 million, respectively. Caterpillar coin (CUT) also suffered a $1.4 million loss in a flash loan attack.

Multi-asset lender Shezmu was also hacked, initially losing over $4.98 million. However, unlike its counterparts, the company was able to recover some of the stolen funds in an on-chain negotiation with the hacker.

Crypto exchanges have lost over $1.3 billion since the year’s start

According to Binance’s data, over $1.3 billion has been drained from crypto wallets since the start of the year. Over $133 million was lost to hackers in January and another $79 million in February. In March, more than $133 million was stolen, bringing the total loss to nearly $350 million in just the first quarter.

In April, hacker exploits reduced significantly, with criminals getting away with only $73 milllion. However, moving into May, the crypto industry faced the highest loss of the year, with nearly $360 million drained. DMM Bitcoin, a Japanese trading platform, saw a single loss of over $305 million, more than three-quarters of the total losses in May.

June saw another $142 million loss, and July recorded the second-highest drain after May, with $282 million gone. WazirX, an Indian exchange, suffered the most, losing over $235 million in July alone.