- Crypto losses reached $129M in October, driven by hacks and scams.
- Radiant Capital suffered the biggest hit, losing over $50 million.
In October 2024, the crypto industry witnessed losses of $129.6 million, driven by various security incidents, including exit scams, flash loan attacks, and significant exploits. According to CertiK, a blockchain security firm, exit scams accounted for $1.2 million, flash loan attacks led to $1.5 million in losses, and a staggering $127 million came from different exploits.
One of the most notable incidents involved Radiant Capital, a lending protocol, which lost over $50 million. The hack on October 16 compromised BNB Chain and Arbitrum markets. Radiant’s investigation revealed that hackers used malware to infiltrate the devices of at least three core developers, gaining access to private keys and smart contracts.
After the attack, Radiant Capital implemented security enhancements, including transferring protocol ownership to a timelock contract and adding a 72-hour buffer for changes.
Meanwhile, a separate phishing incident on October 11 led to a crypto whale losing $36 million in wrapped Ethereum (fwDETH) after signing a fraudulent transaction. Additionally, the M2 crypto exchange fell victim to a hack on October 31, losing $13.7 million in Bitcoin, Ether, and Solana. Despite the setback, M2 confirmed that customer funds were fully restored and security measures were improved.
Other DeFi Projects Attack
Ethereum’s EigenLayer was exploited for $5.7 million, with funds laundered through HitBTC and Bybit. Furthermore, decentralized finance platforms Tapioca DAO and Sunray Finance experienced private key compromises. Tapioca’s attacker stole $4.7 million via social engineering, exploiting the vesting contract to mint excess tokens. Sunray lost $2.86 million after an attacker used a compromised key to upgrade a smart contract, minting and dumping SUN tokens.
Although October’s $127 million in exploit losses marked a 2.91% increase from September’s $123.4 million, it reflected a significant decline from the $324.7 million lost in May. These incidents underscore ongoing security challenges in the crypto sector, emphasizing the need for robust protection measures to safeguard assets.
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