October brought $129 million in losses to the crypto community due to hacking attacks and fraud
Date: 2024-11-04 Author: Oliver Abernathy Categories: BUSINESS
Last month, the crypto industry lost $129.6 million from hacks, scams, and flash loan attacks. According to blockchain security firm CertiK, the main losses came from exploits, amounting to $127 million. Fraud schemes resulted in losses of $1.2 million, while flash loan attacks resulted in losses of $1.5 million.
The largest incident in October affected lending protocol Radiant Capital, which lost more than $50 million. The second-largest incident was a phishing attack, which resulted in a user losing $36 million. The third-largest case was the hack of crypto exchange M2, which resulted in losses of $13 million.
October's total losses increased by 2.91% compared to the $123.4 million lost in September, although this is 60% less than the $324.7 million lost in May. 2024.
Radiant Capital Hack: What Happened? The most significant incident of October was the hack of the Radiant Capital protocol, which occurred on October 16. Hackers managed to gain access to the platform's private keys and smart contracts on the BNB Chain and Arbitrum blockchains, stealing more than $50 million. According to the results of an internal investigation, the Radiant Capital team reported that hackers penetrated the devices of at least three developers by infecting their systems with malware.
Following the incident, Radiant Capital resumed operations on the Ethereum platform on November 1, implementing a number of security measures. In particular, protocol management was transferred to a contract with a temporary lock, which implies a mandatory 72-hour waiting period before making changes.
Phishing attack and the loss of $36 million On October 11, one of the users lost cryptocurrency worth about $36 million due to signing a phishing transaction. As a result, the user's wallet lost 15,079 fwDETH, which was the second largest incident in October.
Cryptocurrency exchange M2 hacked for $13.7 million On October 31, cryptocurrency exchange M2 reported a hack in which attackers stole $13.7 million. Crypto industry researcher ZachXBT noted that hackers were able to access the platform's hot wallets, stealing assets such as Bitcoin, Ether, and Solana. However, the exchange assured that "the situation has been fully resolved and customer funds have been restored."
October was another reminder for the crypto community to pay closer attention to security and take measures to prevent losses.
