Centralized exchanges and DeFi protocols hit hard; security improvements needed.
In September 2024, the cryptocurrency world faced significant challenges as hacks led to losses exceeding $120 million. This marked the second-lowest monthly loss of the year, highlighting both ongoing vulnerabilities and some improvement compared to previous months.
Among the most impacted were centralized exchanges such as BingX and Indodax. BingX experienced the largest single loss, with over $40 million stolen, while Indodax reported losses exceeding $21 million. DeFi protocols were not spared either, with Penpie losing $27 million due to exploits.
Despite the substantial losses in September, the total damage was significantly lower than in August, which saw over $300 million lost to similar incidents. This reduction indicates a possible improvement in security measures or a decrease in the frequency of attacks.
In addition to the direct hacks, a notable phishing attack drained $32.4 million. Although this was not included in the official total, it underscores the diverse tactics employed by cybercriminals to exploit the crypto ecosystem.
The recurring nature of these incidents highlights the urgent need for enhanced security protocols within both centralized and decentralized platforms. Users are advised to remain vigilant, employ strong security practices, and stay informed about potential threats. Continuous improvement in cybersecurity measures is essential to protect assets and maintain trust in the cryptocurrency market.
