Security incidents like exit scams, flash loan attacks and exploits pushed crypto losses to $129.6 million in October.&nbsp;
According to data <a data-ct-non-breakable="null" href="https://x.com/CertiKAlert/status/1852311698549416062" rel="noopener noreferrer nofollow" target="null" text="null" title="null">compiled</a> by blockchain security firm CertiK, exit scams led to $1.2 million in losses, while flash loan attacks caused $1.5 million in crypto losses. Meanwhile, exploits accounted for the most losses, with $127 million lost to exploits.&nbsp;
<figure><img alt="October crypto losses reach $129M from hacks and exit scams" src="https://s3.cointelegraph.com/uploads/2024-11/0192f15b-d58e-748f-9387-1622fee30451" title="">
 <figcaption style="text-align: center;">
 Major security incidents in October 2024. Source: CertiK&nbsp;
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The biggest incident in October involves the Radiant Capital, a lending protocol that lost over $50 million last month. Furthermore, a $36-million phishing attack on a whale took second place on the list, while the $13-million hack on the crypto exchange M2 took third place.&nbsp;
The $127 million losses in October represent a 2.91% month-on-month increase compared to September’s $123.4 million. However, it also marks a 60% decline from the $324.7 million lost to exploits in May 2024.&nbsp;
<h2 id="largest-crypto-security-incidents-in-october">Largest crypto security incidents in October</h2>
The biggest incident in October involves the lending protocol Radiant Capital. On Oct. 16, the lending protocol <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/radiant-capital-pauses-contracts-exploit-fears" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/radiant-capital-pauses-contracts-exploit-fears">halted its markets after </a>BNB Chain and Arbitrum markets were breached. A hacker could access the protocol’s private keys and smart contracts, draining over $50 million in digital assets.&nbsp;
The team behind the protocol <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/radiant-capital-attacker-compromised-multiple-developers-devices-post-mortem" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said in a post-mortem</a> that the hackers accessed the devices of at least three of its core developers through a malware injection.&nbsp;
On Nov. 1, the Radiant Capital said that it <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/radiant-capital-resumes-lending-post-hack" rel="noopener noreferrer nofollow" target="null" text="null" title="null">resumed its Ethereum lending markets</a> after the hack. The protocol announced that it had implemented changes to its security mechanisms.&nbsp;
According to Radiant Capital, it transferred the protocol ownership into a timelock contract. This enforces a mandatory 72-hour waiting period for any adjustments, strengthening the security.&nbsp;
<figure><img alt="October crypto losses reach $129M from hacks and exit scams" src="https://s3.cointelegraph.com/uploads/2024-11/0192f15b-6756-7083-b42a-03158d5d43a7" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/realScamSniffer/status/1844590237521203610" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/realScamSniffer/status/1844590237521203610">Scam Sniffer</a>
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Apart from Radiant Capital, a crypto user lost millions to an exploit. On Oct. 11, a crypto wallet lost 15,079 fwDETH, worth about $36 million, after signing a phishing transaction.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-government-hacker-returns-most-20-million-gov" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitfinex wallet hacker returns most of the $20 million back to US gov’t</a>
<h2 id="m2-hacked-for-13-7-million">M2 hacked for $13.7 million</h2>
On Oct. 31, crypto exchange M2 <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/m2-crypto-exchange-hacked-13-m-funds-restored" rel="noopener noreferrer nofollow" target="null" text="null" title="null">announced that it was hacked</a> for $13.7 million in crypto. Crypto investigator ZachXBT said in a Telegram post that attackers were able to steal Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>), Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) and Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SOL</a>) from the platform’s hot wallets.&nbsp;
Within the announcement, M2 said that the “situation has been fully resolved, and customer funds have been restored.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/china-usdt-scam-indodaxs-free-money-damage-control-asia-express/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">China’s ‘point running’ crypto scams, pig butchers kidnap kids: Asia Express</a>

October crypto losses reach $129M from hacks and exit scams

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