Cryptocurrency hackers were busy in September, hitting the industry hard with losses totaling over $120 million. What’s worse? Centralized exchanges, known for housing large amounts of user funds, took the brunt of it. The two biggest victims, BingX and Indodax, saw over half of the month’s losses, with hackers making off with $44 million and $21 million respectively, according to Peckshield, a blockchain investigation firm.
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Despite the hefty losses, September actually saw a 61.7% drop in crypto thefts compared to August’s massive $314 million. But don’t be fooled—exchanges remain prime targets, and this month’s hacks prove they still have a lot to secure.
Centralized Exchanges Struggle with Security
Centralized exchanges like BingX and Indodax may have convenient user experiences, but they continue to be the top targets for hackers. September’s heist proves that no matter how big or small the exchange, hackers are always lurking. And it’s not just these two. Over 20 other attacks happened this month alone, including decentralized platforms.
Penpie, a decentralized finance (DeFi) protocol, lost $27 million to a major exploit. Other victims include Delta Prime and Truflation, which lost $6 million and $5.6 million, respectively. Even Telegram bot Banana Gun had a rough September, losing $3 million to a hack—although the team did announce refunds for affected users.
WazirX Struggles to Recover After a Devastating Hack
While September was rough, one of the worst hacks this year happened back in July. Indian crypto exchange WazirX was hit with a staggering $235 million theft after hackers breached its Safe Multisig wallet on Ethereum (ETH-USD). According to CoinTelegraph, WazirX has been struggling ever since. The exchange suspended withdrawals and launched an internal investigation, but three months later, users are still in the dark. And to add salt to the wound, WazirX recently admitted that 43% of customer funds were “irrevocably lost.”
With hacks this severe, it’s clear that centralized exchanges remain vulnerable. Even though decentralized finance platforms were also hit in September, exchanges like WazirX, BingX, and Indodax remind us that as long as crypto remains in hot demand, the hackers will be right behind.
