Crypto market saw $88M loss from October hacks: Report
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Despite crypto having all the merits that make it attractive, one of its greatest weaknesses is cyber security. In October, crypto lost $88.477 million. This, compared to previous months in 2024, has lost the second least amount, followed by April, which lost $60.19 million. Cybersecurity firm PeckShieldAlert tweeted on their x account, “In October 2024, there were ~20 hacks in the crypto space, resulting in losses of ~$88.47 million.” Top three crypto hacks in October As per the report, Radiant Capital suffered its second attack of the year in October. The first incident involved a flash loan in which the hackers stole about $4.5 million from the protocol. This second attack is nothing compared to the first one, as it drained $53 million from user wallets. The firm tweeted on its X platform, “The attackers exploited multiple developers’ hardware wallets through a highly advanced malware injection.” According to on-chain data, Radiant Capital lost the most money to hackers last month. Secondly, the US government seizure fund was hacked for $2 million, according to blockchain analysts from Arkham Intelligence. Arkham said it detected that the crypto was “suspiciously moved” from a government wallet to an unknown wallet. The moved funds were made up of stablecoins such as USDC, USDT, and Ethereum (ETH). However, the unknown attacker later returned about $19.3 million to the wallet. Source: X – PeckShieldAlert Ethereum restaking protocol EigenLayer was also hacked for $5.7 million. The amount was then laundered through the HitBTC and Bybit exchanges. The exploit was executed on October 4, after which the project’s team announced it was investigating “unapproved selling activity” from a now-flagged wallet address. Private key comprises implemented for hacking In addition, the Tapioca Foundation and Sunray Finance, which are both decentralized finance platforms, took hacker hits. Tapioca DAO became one of…
Filed under: News - @ November 2, 2024 10:58 am