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October crypto losses reach $129M from hacks and exit scams

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From cointelegraph by Ezra Reguerra

Security incidents like exit scams, flash loan attacks and exploits pushed crypto losses to $129.6 million in October. 

According to data compiled by blockchain security firm CertiK, exit scams led to $1.2 million in losses, while flash loan attacks caused $1.5 million in crypto losses. Meanwhile, exploits accounted for the most losses, with $127 million lost to exploits. 

Major security incidents in October 2024. Source: CertiK 

The biggest incident in October involves the Radiant Capital, a lending protocol that lost over $50 million last month. Furthermore, a $36-million phishing attack on a whale took second place on the list, while the $13-million hack on the crypto exchange M2 took third place. 

The $127 million losses in October represent a 2.91% month-on-month increase compared to September’s $123.4 million. However, it also marks a 60% decline from the $324.7 million lost to exploits in May 2024. 

Largest crypto security incidents in October

The biggest incident in October involves the lending protocol Radiant Capital. On Oct. 16, the lending protocol halted its markets after BNB Chain and Arbitrum markets were breached. A hacker could access the protocol’s private keys and smart contracts, draining over $50 million in digital assets. 

The team behind the protocol said in a post-mortem that the hackers accessed the devices of at least three of its core developers through a malware injection. 

On Nov. 1, the Radiant Capital said that it resumed its Ethereum lending markets after the hack. The protocol announced that it had implemented changes to its security mechanisms. 

According to Radiant Capital, it transferred the protocol ownership into a timelock contract. This enforces a mandatory 72-hour waiting period for any adjustments, strengthening the security. 

  Source: Scam Sniffer

Apart from Radiant Capital, a crypto user lost millions to an exploit. On Oct. 11, a crypto wallet lost 15,079 fwDETH, worth about $36 million, after signing a phishing transaction. 

Related: Bitfinex wallet hacker returns most of the $20 million back to US gov’t

M2 hacked for $13.7 million

On Oct. 31, crypto exchange M2 announced that it was hacked for $13.7 million in crypto. Crypto investigator ZachXBT said in a Telegram post that attackers were able to steal Bitcoin BTC$68,824, Ether ETH$2,462.11 and Solana SOL$161.60 from the platform’s hot wallets. 

Within the announcement, M2 said that the “situation has been fully resolved, and customer funds have been restored.”

Magazine: China’s ‘point running’ crypto scams, pig butchers kidnap kids: Asia Express

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