30s Summary

Crypto losses amounted to $129.6 million in October, according to blockchain security firm CertiK. The most significant chunk of this loss, roughly $127 million, was due to tech exploits, while exit scams and flash loan attacks contributed $1.2 million and $1.5 million respectively. The biggest incidents involved Radiant Capital, which lost $50 million due to a hack, a $36 million phishing attack on an individual wallet, and a $13-million hack on M2 crypto exchange. Despite the substantial losses, October’s figures represented a 60% decrease from the $324.7 million loss recorded in May 2024.

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Crypto losses hit a staggering $129.6 million in October, thanks to things like exit scams, flash loan attacks, and tech exploits. So says the data from blockchain security firm CertiK. They found that exit scams were responsible for $1.2 million of the loss, while flash loan attacks led to a $1.5 million dip. But exploits packed the biggest punch, causing a whopping $127 million loss.

October’s biggest blow came from Radiant Capital, a lending protocol that fell victim to a cool $50 million loss last month. Then a $36-million phishing hit on a crypto bigwig came in second, with a $13-million hack on crypto exchange M2 following closely in third place.

Just to put things into perspective, October’s $127 million loss was a slight increase of 2.91% from September’s $123.4 million loss. But here’s the bright side – it’s also a dramatic slide of 60% from the eye-watering $324.7 million loss in May 2024.

Now, let’s go back to October’s most damaging incident – Radiant Capital. This lending protocol stopped its markets after a hacker got into its BNB Chain and Arbitrum markets on October 16th. The hacker drained over $50 million of digital assets by getting their hands on the protocol’s private keys and smart contracts.

Radiant Capital believes the hacker got into the devices of not one, not two, but three of their core developers through malware. Scary, right? But, there’s good news – Radiant Capital started its Ethereum lending markets again after strengthening its security.

Along with Radiant Capital, another crypto user made a major boo-boo. On October 11th, a crypto wallet lost 15,079 fwDETH, worth approximately $36 million, after being tricked into a phishing transaction.

On Halloween, to almost end the horror month, the crypto exchange M2 notified everyone that they’d been hit by a $13.7 million crypto hack. But they’ve reassured their users that they’ve successfully sorted out the issue and all customer funds have been restored.