As a seasoned crypto investor with over a decade of experience navigating the volatile and dynamic world of digital assets, I can’t help but feel a mix of dismay and resignation upon reading about these recurring hacks. The staggering loss of over $400 million in Q3 alone is a stark reminder that the crypto space, while brimming with potential, remains an enticing playground for cybercriminals.
In September alone, cyber attacks on cryptocurrency platforms led to a staggering loss of approximately $120 million. Among the hardest-hit were platforms such as BingX, Penpie, and Indodax.
In September, the cryptocurrency sector experienced over $120 million in losses as a result of over 20 hacking incidents. This represents a significant decrease of approximately 61.76% compared to August’s figures, as reported by blockchain forensic firm PeckShield.
In September 2024, there were more than 20 hacking incidents within the cryptocurrency sector, resulting in approximately $120.23 million in total losses. (It’s important to note that the $32.4 million worth of $spWETH stolen during a Permit signature phishing attack was not included in this figure.)— PeckShieldAlert (@PeckShieldAlert) October 1, 2024
On October 1st, a post from PeckShield revealed that the Singapore-based cryptocurrency exchange BingX suffered the most significant loss of approximately $40 million, with Penpie losing around $27 million and Indodax reporting over $21 million in losses as well. Additional incidents involved DeltaPrime, where roughly $5.98 million was stolen, and Truflation facing losses worth about $5.6 million.
A cyber attack aimed at manipulating $spWETH digital signatures led to an extra $32.4 million being taken, but this amount was not included in the total sum recorded. Some of the funds were returned during the Shezmu hack, where $4.9 million was initially stolen. Additionally, smaller-scale breaches affected Onyx, BananaGun, Bedrock, and CUT, with each incident resulting in losses between $1.4 million to $3.8 million.
Over $400m lost in Q3
Although there were substantial losses, it’s important to note that the overall damage from crypto hacks decreased noticeably compared to August, when more than $300 million worth of cryptocurrency was stolen in just 10 separate incidents. According to a recent report by web3 bug bounty platform Immunefi, the total losses in the crypto sector reached approximately $413 million during Q3.
The data shows that a total of approximately $409.9 million was stolen through hacking incidents in 31 separate cases, while fraudulent activities led to a loss of around $3,087,552 in just three specific instances. The majority of this money was taken from two particular projects: WazirX, a cryptocurrency exchange based in India, which experienced an attack resulting in a loss of about $235 million, and BingX.
Approximately 75% of the total cyber attacks in the finance sector were directed towards centralized financial systems, while only around 25.2% targeted decentralized finance platforms, according to analysts at Immunefi. Ethereum was the blockchain network that faced the most attacks, with 15 incidents reported, followed by BNB Chain (previously known as Binance Smart Chain) and Coinbase’s network Base.
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2024-10-01 10:02