Crypto Hacks in October: Analyzing Over $129 Million in Losses

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In the month of October 2024 alone, the crypto sector suffered more than 20 cyberattacks which resulted in an overall loss of about $129.7 million according to CertiK’s monthly report. This sharp increase in exploit activity from simple bridge exploits to phishing fraud demonstrates that centralized and decentralized finance platforms remain weak and exposed. 

Measures for asset recovery were not very productive with the average of $245k recovered only proving the dire need for better security measures in the entire crypto sector.

• Exit Scams employing fraudulent exit strategies,  lost approximately $1.2 million.
• Flash Loan Attacks:$1.5 million drained through swift and many operations per second.
• Platform Exploits: Taking up over 60% with $ 127 million lost in intricate hacks on multiple cryptocurrencies and trading platforms.

The largest of them affected Radiant Capital, a decentralized lending platform, as a result of which the attackers stole $53 million from the platform. Cyber pirates targeted weak points within the bridge that connects the cross-chain system of Radiant to Ethereum and manipulated the around-the-world route in order to steal funds. This has created more focus on cross-chain bridges highlighting the necessity of multi-level security and even extraordinary auditing.

Cryptocurrency exchange M2 Exchange had 45 million USD in Bitcoin, Ethereum, and Solana hot wallets’ loss at $14 million. The event was to be attributed to waived wallet mechanism, through which they gained unauthorized access to user funds. Security analysts have pointed out that when high value assets are stored in hot wallets there is increased exposure because as M2 suffered, hot wallets are web based.

Another interesting feature of October’s hack is that the U.S. government intervened to ‘recoup’ some $20 million. This retrieval shows there is still active working between blockchain businesses and governmental bodies in combating crypto-associated crime and establishes the future structure for cooperation in order to safeguard investors’ funds worldwide.

Eigenlayer fell prey to a phishing attack in which it lost almost $ 5.7 million in its value. According to the experts, exchanges such as HitBTC and Bybit were used to clean out these funds, making the recovery process more challenging. This attack was not only a financial loss but also served the purpose of increasing awareness about phishing inside investment channels, particularly when the betterment of large-value assets is in concern.

In another one of their great exploits, Tapioca Foundation lost $4.7 million on the BNB Chain. Cybercriminals targeted the issues inside Tapioca code to steal funds thereby revealing the existing flaws in Binance-connected environments. Hacker Attacks Binance. This attack is a sequence to other well-publicized events that impact Binance’s blockchain, meaning rules for code review as well as security prevention approaches are still evasive on the platform.

It is especially important for the crypto industry to strengthen cybersecurity as the industry experienced a sharp increase in hacks and scams in October 2024. The continued attack of DeFi platforms and exchanges including Radiant Capital and M2 suggest that threat actors are targeting high profile and value projects. 

As the future strategy of online lending continues to evolve, thus incorporating regulatory measures, the increase in wallet security measures, and proper auditing processes will be vital in fortifying the investor’s asset protection.