As a seasoned researcher with a knack for navigating the complex world of cryptocurrencies, I must say that the events of October have been a sobering reminder of the inherent risks associated with this burgeoning industry. The staggering losses due to exit scams, flash loan attacks, and exploits are a stark testament to the need for robust security measures in this space.
In October, various security issues such as exit scams, flash loan assaults, and exploits resulted in a total loss of approximately $129.6 million from the cryptocurrency market.
Based on information gathered by blockchain security firm CertiK, it was found that exit scams resulted in approximately $1.2 million in losses, while flash loan attacks were responsible for around $1.5 million in cryptocurrency losses. However, the majority of the losses were due to exploits, with a staggering $127 million being stolen through these means.
The most significant event in October was the multimillion-dollar mishap of Radiant Capital, a lending platform, which suffered losses amounting to over $50 million last month. In second place, a phishing scam targeting a ‘whale’ (a large cryptocurrency holder) resulted in a loss of approximately $36 million. Third on the list was a hack on the crypto exchange M2 that led to losses of around $13 million.
In October, there was an approximately 2.91% rise in losses compared to September’s amount of $123.4 million, which totaled $127 million. However, this is a decrease of about 60% from the $324.7 million that had been lost due to exploits back in May 2024.
Largest crypto security incidents in October
In October’s most significant event, the lending platform Radiant Capital encountered a problem. On October 16th, this platform temporarily halted its operations following a security breach on both its BNB Chain and Arbitrum markets. The intruder managed to gain access to the platform’s private keys and smart contracts, ultimately leading to the theft of over $50 million worth of digital assets.
In a post-mortem analysis, the creators of the protocol revealed that hackers gained unauthorized access to the devices of at least three key team members by inserting malicious software (malware).
Starting November 1st, Radiant Capital declared they’ve restarted their Ethereum lending platforms following the security breach. They disclosed modifications made to their security infrastructure as part of the announcement.
As per Radiant Capital’s report, they have moved the control of the protocol into a time-locked contract. This means that any changes must wait for a compulsory 72-hour period, which in turn boosts the overall security.
Beyond Radiant Capital, a cryptocurrency holder suffered massive losses due to a hacking incident. Specifically, on October 11th, a digital wallet was drained of approximately 15,079 fwDETH, equivalent to around $36 million, following the execution of a fraudulent transaction.
M2 hacked for $13.7 million
On October 31st, it was disclosed by cryptocurrency exchange M2 that they had suffered a hack resulting in a loss of approximately $13.7 million in digital currencies. In a message posted on Telegram, crypto investigator ZachXBT stated that the perpetrators successfully stole Bitcoin (BTC), Ether (ETH), and Solana (SOL) from the exchange’s hot wallets.
In the statement, M2 confirmed that the issue has been entirely rectified, and the customers’ funds have been successfully reinstated.
Read More
- CYBER PREDICTION. CYBER cryptocurrency
- ZK PREDICTION. ZK cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- FARM PREDICTION. FARM cryptocurrency
- BADGER PREDICTION. BADGER cryptocurrency
- DOP/USD
- Yellowjackets Season 3 Reveals First Cast Photos and One of Them is Devastating
- JASMY PREDICTION. JASMY cryptocurrency
- DEEP PREDICTION. DEEP cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
2024-11-03 12:58