September's Top Crypto Hacks Exceed $120M: BingX and Indodax Hit Hard

**Major crypto Hacks in September Lead to Loss of Over $120 Million** In September 2024, the cryptocurrency sector was hit hard by a series of high-profile hacks resulting in losses exceeding $120 million across various Platforms. According to PeckShield, a cybersecurity firm, more than 20 incidents occurred throughout the month, affecting both centralized and Decentralized Platforms. Notably, Platforms such as BingX, Penpie, and Indodax were the primary targets, collectively contributing to over $90 million in stolen funds. These hacks exemplify a concerning trend of Security breaches within the crypto industry, culminating in a total of $409 million in losses in the third quarter of the year. **BingX, Penpie, and Indodax: Hardest-Hit Platforms in September** The most significant blow was suffered by BingX, a Singapore-based Exchange that lost approximately $44 million in a single hacking incident, making it the most heavily impacted platform of the month. This breach follows previous vulnerabilities within the Exchange and accounts for a substantial portion of the total losses incurred by crypto hacks in Q3 2024. Penpie, a Decentralized finance (DeFi) Protocol, also fell victim to hackers, resulting in a $27 million breach. Despite the increasing popularity of DeFi, cybercriminals have been targeting these Platforms due to the complex nature of Smart contract interactions and inadequate Security measures. Indodax, one of Indonesia's largest cryptocurrency Exchanges, reported a $21 million loss, making it the third-largest hack of the month. This incident reflects a broader trend of Asian Exchanges being targeted as hackers exploit Security loopholes in rapidly expanding crypto markets. Other notable breaches in September include DeltaPrime, Truflation, Shezmu, Onyx, BananaGun, Bedrock, and CUT, with losses ranging from $1.4 million to $6 million. While some Platforms managed to recover a portion of the stolen funds, the overall impact of these incidents remains substantial. One noteworthy attack in September was a $32.4 million phishing scam targeting $spWETH signatures, though this incident was not included in PeckShield's overall reported total. **Q3 2024: Total crypto Hacks Reach $409 Million** A recent report by Immunefi revealed that the third quarter of 2024 saw a total of $409 million stolen in 31 separate incidents. This marks a 40% decrease compared to the same period in 2023, where losses amounted to over $685 million due to hacks and fraud. Centralized finance (CeFi) Platforms were particularly vulnerable during this period, accounting for 75% of the total losses. While Decentralized finance (DeFi) Platforms experienced a higher number of incidents, the severity of losses was relatively lower in comparison. Mitchell Amador, the CEO of Immunefi, highlighted the increasing risks faced by CeFi Platforms, especially concerning the management of private keys. He stated that incidents targeting DeFi Platforms are on the rise, while CeFi Platforms tend to suffer severe consequences with fewer incidents. Despite the challenges posed by these Security breaches, efforts are being made to rebuild trust within the industry. The significant losses incurred in September and throughout Q3 2024 serve as stark reminders for investors about the importance of securing Digital assets in an environment ripe for exploitation. For the latest news and updates on cybersecurity within the cryptocurrency sector, stay tuned to Cryptonews. *For the latest news, stay updated [Link to /news].*