- Malicious actors continue to threaten the crypto industry.
- The month of October saw all tricks and no treats.
- The biggest loser from last month’s wave of attacks is still reeling.
Despite mounting efforts to curb their influence, threat actors continue to significantly threaten the crypto industry. These individuals employ sophisticated tactics without a hint of remorse, wreaking havoc across major and minor entities in their relentless pursuit of selfish gain.
October was no exception, and recent reports have highlighted the staggering losses incurred during the month.
The Big Heists of October
Bad actors in the crypto industry have struck again, making off with millions of dollars. A recently published report by the blockchain security platform Certik Alert revealed the extent of damages from October’s hacks and scams, with losses totaling approximately $130 million.
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Certik’s report revealed that security exploits accounted for the majority of the losses, siphoning nearly 98%, or $127 million, of total losses. Flash loan attacks contributed another $1.5 million, followed by exit scams, which drained up to $1.2 million.
While October’s figures are below those of previous months, which saw even more severe losses, they represent a troubling increase from September’s record $120 million. The security exploits impacted ten different entities, and the flash loans and rug pulls spread across multiple platforms.
Radiant Capital was the hardest-hit firm, suffering a staggering $54 million loss, and it has continued to grapple with the aftermath of the attack.
Radiant Capital’s $54 Million in Limbo
Following the cyberattack on the lending protocol on October 16, 2024, Radiant Capital initiated efforts to recover the stolen funds. However, most efforts have proven futile in recent weeks, as the firm has yet to reveal any significant progress in its ongoing quest.
The situation became even more complicated on October 24 when the malicious actor behind the hack resurfaced to shuffle the stolen funds , making them increasingly difficult to trace.
However, the lending protocol has reiterated its commitment to identifying the exploiter and enlisting the assistance of security experts and law enforcement agencies to aid in its pursuit of justice.
On the Flipside
- Hacks and scams so far in 2024 Q3 have cost the crypto industry $753 million.
- May holds the record for the month with the biggest crypto exploit losses this year.
Why This Matters
Hundreds of millions lost to hacks and security attacks in October again highlight the pervasive influence of malicious actors in the crypto industry and underscores the need for stronger protective measures.
The US government was one of October’s hack victims; find out about the attack here:
US Govt Crypto Wallet Loses $20M in Flash Hack
Here’s how Bitcoin is performing amid market fluctuations:
Bitcoin Slides Below $70K: Is the Rally Coming to an End?
