In October, several prominent crypto security breaches led to cumulative industry losses amounting to nearly $130 million.
Among the noteworthy incidents, a crypto user allegedly lost 15,079 fwDETH, equivalent to approximately $36 million, after becoming a victim of a phishing attack on October 11. Concurrently, crypto exchange M2 revealed a $13.7 million hack, with attackers emptying its hot wallets of assets, including Bitcoin, Ethereum, and Solana. M2 reassured its users that the issue was resolved, and the funds were fully replenished.
October witnessed a surge in crypto losses, chiefly attributed to exit scams, flash loan manipulations, and other security breaches, as reported by blockchain security firm CertiK. The most substantial losses originated from protocol exploits, totaling $127 million. Radiant Capital, a lending platform, endured the month’s most significant blow with an exploit resulting in a loss of more than $50 million.
Subsequent to the attack, Radiant temporarily halted its BNB Chain and Arbitrum markets, later disclosing that the violation was due to a malware attack that compromised the devices of several key developers.
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To bolster security, Radiant has since restructured its protocol ownership under a timelock contract, necessitating a 72-hour delay on all alterations. Even though the losses in October represented a slight increase from the previous month, they indicated a considerable decrease from the peak losses of $324.7 million in May.
