Photo credit: BingX

September was a tough month for the crypto world, with hacks totaling more than $120 million.

As reported by PeckShield, centralized exchanges BingX and Indodax were hit the hardest, making up more than half of the losses. Despite being the second-lowest monthly loss from hacks in 2024, it is still a significant amount. BingX lost $44 million, and Indodax lost $21 million.

Decentralized entities also faced issues. Penpie, a DeFi protocol, lost $27 million, while Delta Prime, Truflation, and Bedrock also saw substantial losses. However, this is the second-lowest monthly loss from hacks this year, after April. 

Interestingly, some managed to recover part of their losses. Crypto lender Shezmu got back some of the $5 million it lost through on-chain negotiations, and Telegram bot Banana Gun refunded traders affected by its $3 million hack.

Meanwhile, WazirX, which lost $235 million in July, is still struggling. It has suspended withdrawals and is under legal pressure from CoinSwitch, which is trying to recover $6.2 million.

It is clear that the crypto space remains a hot target for hackers, and the industry continues to grapple with these security challenges.