As a seasoned crypto investor with over a decade of experience in this wild and unpredictable digital jungle, I must say that September 2024 was a month to remember – or rather forget. The relentless string of hacking incidents has left me more than just shaken, it’s made me question the wisdom of my decision to venture into crypto in the first place.
In simpler terms, it’s been disclosed by blockchain security company PeckShield that over twenty hacking events occurred within the cryptocurrency sector during September 2024.
As reported by the company, these incidents resulted in approximately $120.23 million in total losses, with an additional $32.4 million worth of Spark Wrapped Ethereum being stolen through a phishing attack that occurred on September 27.
BingX, Penpie, and Indodax Suffer the Most
CryptoPotato recently highlighted significant cyber-attacks from the past month, such as a theft of $44 million at BingX, a $27 million setback at Penpie, and a $21 million incident affecting Indodax.
During the BingX event on September 20, PeckShield initially flagged a questionable outflow worth approximately $13.5 million to the public. Upon more thorough examination, various blockchain security analysts provided varying assessments of the potential loss, with figures ranging from as low as $44 million up to $52 million.
Following the attack, the Singapore exchange promised users they would compensate for any small financial setbacks that occurred.
The Penpie case was one of the earliest of the month, occurring on September 3. A post-mortem revealed that the criminal exploited a reentrancy protection vulnerability on the platform, allowing them to register a fake Pendle market. They used this to manipulate the platform’s reward system, ultimately making off with 11,113.6 ETH.
In addition to the main event, there was some additional excitement when the individual believed responsible for the 2023 Euler hack worth $200 million contacted the Penpie attacker. They offered congratulations on the exploit and urged them not to return a penny of the stolen funds.
Last month’s criminal activities significantly impacted Indonesian cryptocurrency exchange Indodax, with reports suggesting that the attacker infiltrated their withdrawal system to steal substantial amounts of Bitcoin (BTC), Tron (TRX), Polygon (MATIC), and Shiba Inu (SHIB).
Smaller Hacks
In addition to the major platforms impacted by the September crypto breaches, lesser-known platforms such as DeltaPrime (losing approximately $5.98 million) and Truflation ($5.6 million) also suffered losses.
As an analyst, I’ve recently uncovered some concerning news regarding Onyx, a decentralized finance platform forked from Compound Finance. Last month, Onyx suffered a loss of approximately $3.8 million. Tracing back to October 2023, the protocol was hit by another cyberattack that cost it an additional $2.1 million.
Here are some of the most significant cyber attacks from last month were compiled by BananaGun, who themselves lost approximately $3 million. Additionally, Bedrock experienced a data breach worth around $1.75 million, and Caterpillar Coin (CUT) was hit by a flash loan attack that resulted in the disappearance of about $1.4 million.
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2024-10-06 02:56