In October, the biggest crypto losses and security issues included the Radiant Capital hack, a phishing attack, and a breach on the crypto exchange M2.
Security problems like exit scams, flash loan attacks, and other hacks led to a total of $129.6 million in losses for the month.
Data from blockchain security firm CertiK shows that exit scams caused $1.2 million in losses, flash loan attacks caused $1.5 million, and other hacks led to the most losses at $127 million.
The largest incident was the Radiant Capital hack, which lost over $50 million. A phishing attack that took $36 million was the second biggest, followed by the M2 crypto exchange hack, which lost $13 million.
October’s $127 million in losses was 2.91% higher than September’s $123.4 million but much lower than the $324.7 million lost in May 2024.
Crypto wallet and Exchange breaches lead to millions in losses
In October, the biggest security breach was the hack on the lending protocol Radiant Capital. On October 16, Radiant Capital stopped its markets after a hacker accessed its BNB Chain and Arbitrum networks, draining over $50 million in assets.
The protocol’s team later shared that the hacker accessed devices of at least three core developers through malware.
On November 1, Radiant Capital reopened its Ethereum lending markets, announcing new security measures, including a timelock contract. This contract requires a 72-hour wait for any changes, adding an extra layer of security.
Another major loss occurred on October 11, when a crypto wallet lost 15,079 fwDETH, worth about $36 million, due to a phishing attack.
M2 crypto exchange announced on October 31, it was hacked and lost $13.7 million. Crypto investigator ZachXBT shared that the hackers stole Bitcoin, Ether, and Solana from M2’s hot wallets.
M2 said in its announcement that they have “fully resolved the situation, and customer funds have been restored.”
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