Crypto losses to hacks surpass $120m in September, PeckShield says

Crypto attacks in September resulted in losses of over $120 million; The most notable incidents targeted platforms such as BingX, Penpie and Indodax.

The crypto space lost more than $120 million in September due to more than 20 hacks, down 61.76% from August, according to data from blockchain forensics firm PeckShield.

In its October 1 Other incidents included DeltaPrime, where $5.98 million was stolen, and Truflation, which caused $5.6 million in losses.

A phishing attack targeting $spWETH signatures resulted in an additional loss of $32.4 million, but these figures were not included in the overall calculation. In the Shezmu hack, in which $4.9 million was stolen, some of the funds were returned. Smaller attacks also affected Onyx, BananaGun, Bedrock, and CUT, with losses ranging from $1.4 million to $3.8 million.

Loss of more than $400 million in the third quarter

Despite the significant losses, the overall damage from crypto attacks was significantly lower than in August, when the industry lost more than $300 million in crypto in just 10 separate incidents. In total, the crypto space suffered losses of approximately $413 million in the third quarter, according to the latest report from Web3 bug bounty platform Immunefi.

The data reveals that more than $409.9 million was lost due to hacking in 31 specific incidents, and $3,087,552 was lost due to fraud in just three specific incidents. A large portion of this sum was lost by two specific projects: India’s crypto exchange WazirX and BingX, which suffered an attack that resulted in a loss of $235,000,000.

Analysts at Immunefi say centralized finance is around 75% of the main target of successful exploits, while decentralized finance accounts for 25.2% of total losses. The most attacked blockchain network was Ethereum, with 15 incidents, followed by BNB Chain (formerly Binance Smart Chain) and Coinbase’s network Base.