Crypto security incidents in October lead to $129M in losses: CertiK
Security issues such as exit scams, flash lending attacks and exploits pushed crypto losses to $129.6 million in October.
According to data compiled by blockchain security firm Certike, phishing scams caused $1.2 million in losses, while flash lending attacks caused $1.5 million in crypto losses. Meanwhile, exploitation recorded the highest losses, with $127 million lost in exploitation.
Major Security Events in October 2024. Source: CertiK
The biggest event in October involved Radiant Capital, a loan protocol that lost more than $50 million last month. Additionally, a $36 million phishing attack on a whale ranked second on the list, while a $13 million hack on crypto exchange M2 ranked third.
October's loss of $127 million represents a month-over-month increase of 2.91 percent compared to September's $123.4 million. However, it represents a 60% decrease from the $324.7 million lost by exploiters in May 2024.
The biggest crypto security events in October
The biggest event in October involves Lender Protocol Radiant Capital. On October 16, the lending protocol halted the markets after a breach in the BNB Chain and Arbitrum markets. A hacker can access the protocol's private keys and smart contracts, destroying more than $50 million in digital assets.
The team behind the protocol revealed in a post-mortem that the hackers were able to access at least three of its major developers' devices via malware injection.
On November 1, Radiant Capital said it continued to trade Ethereum's credit markets after the hack. The protocol has announced that it has implemented changes to its security mechanisms.
As Radiant Capital has transferred ownership of the protocol to the time limit contract. This enforces a mandatory 72-hour waiting period for any modification, strengthening security.
Source: Fraud Sniffer
In addition to Radiant Capital, crypto users have lost millions to exploits. On October 11, a crypto wallet worth $36 million worth 15,079 fwDETH disappeared after signing a phishing transaction.
Related: Bitfinex wallet hacker returns most of $20 million to US government
M2 was hacked for 13.7 million dollars
On October 31, crypto exchange M2 announced that $13.7 million in crypto was stolen. Crypto researcher ZackXBT reported in a Telegram post that attackers were able to steal Bitcoin (BTC), Ether (ETH) and Solana (SOL) from the platform's hot wallets.
In the announcement, M2 said, “The situation has been fully resolved, and the customer's money has been returned.”
Magazine: China's ‘point run' crypto scam, pork butchers kill children: Asia Express
