2024

DeFi

Banana Gun

WazirX

Cumulative losses from cryptocurrency hacks exceeded $120 million in September, marking 2024’s second-lowest monthly loss from hacks after April.&nbsp;
Centralized exchanges remain frequent targets for crypto hackers, leading to significant losses month after month. In September, crypto exchanges BingX and Indodax accounted for more than half of the losses.
<img alt="September crypto hacks surpass $120M, centralized exchanges hit" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01924724-0c62-7b2d-83a6-c8e652d1333a">
Blockchain investigation firm Peckshield noted that the total losses of $120.23 million were spread across more than 20 hacks.
<h2 id="centralized-exchanges-remain-vulnerable">Centralized exchanges remain vulnerable</h2>
September saw a 61.7% decrease in losses from hacks compared with August, when the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/313-million-crypto-lost-hacks-august" rel="null" target="null" text="null" title="null">crypto ecosystem lost nearly $314 million</a>. Of the two crypto exchanges hacked in September, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indodax-crypto-exchange-hacked-22-million-loss" rel="null" target="null" text="null" title="null">BingX recorded the highest loss</a> of $44 million, while <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indodax-crypto-exchange-hacked-22-million-loss" rel="null" target="null" text="null" title="null">Indodax lost $21 million</a>.
Several decentralized entities were also affected, including the decentralized finance protocol Penpie, which <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/penpie-protocol-exploited-suffers-27-million-loss" rel="null" target="null" text="null" title="null">lost $27 million to an exploit</a>. Other prominent DeFi hacks included DeFi platform <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/delta-prime-defi-hacked-6-m-arbitrum" rel="null" target="null" text="null" title="null">Delta Prime</a> ($6 million), inflation data platform <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/truflation-loses-estimated-5-million-malware-attack" rel="null" target="null" text="null" title="null">Truflation</a> ($5.6 million) and crypto liquid restaking protocol <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bedrock-crypto-hack-2m-attacker-job-offer" rel="null" target="null" text="null" title="null">Bedrock</a> ($2 million).
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-denies-blame-wazrix-hack" rel="null" target="null" text="null" title="null">Binance denies blame in $230M WazirX hack, urges user repayments</a>
Crypto lender Shezmu, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/shezmu-recovers-5-million-stolen-funds-hacker-negotiation" rel="null" target="null" text="null" title="null">initially hacked for $5 million</a>, managed to recover part of the stolen funds through onchain negotiation with the hacker. Telegram bot Banana Gun announced a refund to crypto traders <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/banana-gun-crypto-bot-refunds-3m" rel="null" target="null" text="null" title="null">impacted by its $3 million hack</a>.&nbsp;
<h2 id="wazirx-struggles-after-2024-s-largest-crypto-hack">WazirX struggles after 2024’s largest crypto hack</h2>
Indian crypto exchange WazirX remained the biggest victim of a 2024 hack as of Oct. 1
On July 18, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-hack-235m" rel="null" target="null" text="null" title="null">WazirX lost $235 million</a> after one of its Safe Multisig wallets on Ethereum was compromised. Following the breach, the exchange suspended all crypto and cash withdrawals to conduct an internal investigation.
Three months later, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/indian-crypto-exchange-wazirx-funds-hack" rel="null" target="null" text="null" title="null">WazirX has yet to issue any remediation plans</a> to compensate affected users.&nbsp;
<figure>
 <img alt="September crypto hacks surpass $120M, centralized exchanges hit" name="" src="https://s3.cointelegraph.com/uploads/2024-10/01924724-b98a-7dd0-b0e6-531b4f2acfc0">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/CoinSwitch/status/1828729248133074993" rel="null" target="null" text="null" title="https://x.com/CoinSwitch/status/1828729248133074993">CoinSwitch</a>
 </figcaption>
</figure>
In a recent development, rival crypto exchange CoinSwitch initiated legal action against WazirX to recover 2% of its assets, valued at about $6.2 million. Despite its ongoing fund-recovery efforts, WazirX recently said 43% of customer funds were irrevocably lost.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="null" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>

September crypto hacks surpass $120M, centralized exchanges hit

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Cointelegraph

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