Crypto Hacks in September Cause $127 Million in Losses, Says PeckShield
Despite a decrease in overall losses, September saw a record number of million-dollar hacks, particularly from exchanges and DeFi platforms, signaling growing vulnerabilities.
Fact Check
Multiple sources (CryptoNews, Yahoo Finance, Binance) explicitly state that the security firm PeckShield reported $127.06 million in losses from crypto hacks in September. While other evidence reports a slightly different figure of '$120 million' for the same period (September 2024), the existence of multiple, credible reports with the specific $127 million figure provides strong corroboration for the statement. The year '2025' mentioned in supporting sources is considered a likely typo for 2024.
Summary
Crypto-related hacks dropped 37% in Q3 2025 to $509 million, though September experienced a significant rise in high-value incidents. Major exploits in DeFi and exchange platforms contributed to a surge in million-dollar attacks, marking a worrying trend in crypto security risks.
Terms & Concepts
- Crypto Hack: Malicious activities targeting cryptocurrency platforms or digital assets, often leading to theft or financial loss.
- DeFi (Decentralized Finance): A blockchain-based form of finance that operates without intermediaries, such as banks, using smart contracts on platforms like Ethereum.
- PeckShield: A blockchain security and analytics firm that provides real-time monitoring to detect hacks, vulnerabilities, and scams in the crypto space.