- The crypto industry lost over $120 million to hacks in September.
- BingX suffered the most significant loss of around $44 million.
In September 2024, the cryptocurrency industry faced significant security breaches, resulting in losses exceeding $120 million. Various attacks targeted centralized exchanges and DeFi platforms, raising alarms about security measures in the industry.
PeckShield, a blockchain security company, reported that multiple exchanges suffered during this wave of hacks. Notably, the BingX exchange experienced the most severe attack, losing approximately $44 million. This incident highlighted vulnerabilities within centralized exchanges and raised concerns among users about their asset security.
#PeckShieldAlert September 2024 saw 20+ hacks in the crypto space, leading to ~$120.23 million in losses. (Note: The $32.4 million worth of $spWETH drained in a Permit signature #phishing is not included)#Top 10 Hacks in September 2024:#BingX: $44 million#Penpie: $27 million… pic.twitter.com/t2YuvIds6u
— PeckShieldAlert (@PeckShieldAlert) October 1, 2024
Furthermore, other exchanges reported substantial losses. Major platforms collectively lost millions due to hacks, showcasing the industry’s growing risks. As these incidents unfolded, it became clear that security protocols needed urgent enhancement to protect user assets.
Crypto Hacks Strike DeFi Sector
In addition to exchange breaches, decentralized finance (DeFi) platforms also faced significant threats. Many users turned to DeFi for more secure options, but even these platforms experienced breaches. Reports indicated that DeFi hacks contributed significantly to the total losses, revealing a widespread issue affecting various sectors within the industry.
The rise in hacking incidents has prompted discussions within the industry about the need for better security measures. Experts emphasize that exchanges must implement advanced technologies, such as multi-signature wallets and enhanced user verification processes. Additionally, regular audits can help identify vulnerabilities before they are exploited.
As the crypto market evolves, so do the tactics employed by hackers. Industry stakeholders must remain vigilant and proactive in their approach to security. They must prioritize the safety of user assets to maintain trust in the ecosystem. The collective response to these attacks will be crucial in shaping the future of cryptocurrency security. The $120 million loss in September underscores the urgent need for enhanced security measures. Stakeholders must collaborate to protect assets and bolster user confidence.
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