Crypto Hacks Slump? More Like a Sudden Drop in Security!

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Crypto hacks caused $127 million in losses in September, led by UXLINK and SwissBorg breaches. Could this year be one of the worst ever? 🤡💸

September saw crypto hacks cause $127 million in losses, according to blockchain security firm PeckShield. But hey, at least it’s 22% less than August! 🎉

The figure represents a 22% decline from August’s $163 million, but the month’s events show that hacks and scams are still some of the biggest risks to the sector. Because nothing says “innovation” like losing your life savings to a hacker with a keyboard. 💻💀

September crypto hacks and $127M in losses

The month recorded around 20 major exploits affecting platforms, protocols and individual users. Because who doesn’t want to be part of a “major exploit” list? 🎲

While the lower figure compared to August indicates some slowing of hacker activity, experts are warning that the threat continues to be a serious one. Or as I like to call it, “the crypto version of a slow burn.” 🔥

September 2025 saw ~20 major crypto exploits, resulting in total losses of $127.06M.This marks a -22% decrease from August’s $163M.

In a positive development, ~$13M drained from a Venus user in a attack has been recovered.

Top 5 Hacks: -…

– PeckShieldAlert (@PeckShieldAlert)

PeckShield reported that September’s losses were highly concentrated. Because why spread the wealth when you can steal it all at once? 🧨

UXLINK and SwissBorg accounted for almost two-thirds of the stolen funds, and did much to show how vulnerable large platforms can be, despite ongoing security efforts. Because nothing says “secure” like a multisig wallet that’s basically a “Welcome, Robbers!” sign. 🛋️🔐

UXLINK and SwissBorg Hacks dominate September losses

The biggest single incident involved the Web3 social networking platform, UXLINK. Because who needs privacy when you can have a “social” network that’s just a goldmine for hackers? 🤝

On September 22, attackers breached its multisignature wallet to mint nearly 10 trillion unauthorised tokens. The exploit triggered a drop in UXLINK’s token price, wiping out more than 90% of its market value. That’s not a crash-it’s a full-on “I give up” moment. 💸

Urgent Security Notice

We have identified a security breach involving our multi-signature wallet, resulting in a significant amount of cryptocurrency being illicitly transferred to both CEXs and DEXs.

Our team is working around the clock with both internal and external security…

– UXLINK (@UXLINKofficial)

The attacker later swapped most of the illicit tokens, converting them into just 16 ETH, worth about $67,000, as exchanges froze many deposits. Because nothing says “profit” like losing 99.999% of your stolen loot. 🤯

Surprisingly, the hacker reportedly lost 500 billion tokens in a phishing attack while carrying out the exploit. But wait-this hacker was so bad at phishing, they lost 500 billion tokens in the process! 🤯💸

Crypto wealth management platform, SwissBorg, was the second-largest target as hackers broke into Kiln, a third-party API provider integrated into SwissBorg’s Solana Earn program. Because who doesn’t want to trust a third-party API? 🤷‍♂️

The attack siphoned about 192,600 SOL, worth around $41.5 million, from user accounts. SwissBorg pointed out that the hack affected less than 1% of users and promised to compensate losses from its treasury. But who’s counting? 😂

Phishing attacks and smaller exploits add to losses

A phishing scam targeting a Venus Protocol user resulted in a $13.5 million loss. Fortunately, about $13 million of that amount has since been recovered. This makes it one of the few cases where stolen funds were returned. Because nothing says “happy ending” like recovering $13M after a phishing scam. 🎁

Other incidents included Yala, which lost $7.64 million and GriffAI, which was drained of $3 million. Because even small losses are a big deal when you’re a crypto project. 💸

Smaller exploits hit platforms like Nono, Shibarium Bridge, Basset, New Gold Protocol and SolidifyFund, with each losing between $1 million and $2.4 million. Even the small fry are getting in on the action, with losses ranging from $1M to $2.4M. Because why be a big fish when you can be a tiny, vulnerable one? 🐟💣

Crypto losses continue to mount

Despite the decline in September, the crypto industry continues to be on track for one of its worst years for security hacks. Because nothing says “success” like losing millions to hackers. 🎉

According to Chainalysis, hackers stole $2.17 billion in the first half of the year, with CertiK reporting an even higher estimate of $2.47 billion. That’s more money than a Hollywood blockbuster! 🎬

The February Bybit exploit alone accounted for around $1.5 billion in stolen funds. Other major incidents this year included the Infini protocol hack, which took $50 million in a single transaction, and the July breach of Iran’s Nobitex exchange that cost $90 million. Because nothing says “excitement” like a $1.5B heist. 🧨

PeckShield noted that September’s total was lower than August’s $163 million but higher than July’s $142 million. So it’s like a rollercoaster-up, down, but always terrifying. 🎢

This indicates that there is no clear downward trend in exploit activity. Or as I call it, “the crypto version of a never-ending horror movie.” 🎬

 

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2025-10-03 04:14