Tapioca DAO

Radiant

EigenLayer

Radiant Capital

<ul class="wp-block-list">
 <li>Crypto losses reached $129M in October, driven by hacks and scams.</li>
 <li>Radiant Capital suffered the biggest hit, losing over $50 million.</li>
</ul>
In October 2024, the crypto industry witnessed losses of $129.6 million, driven by various security incidents, including exit scams, flash loan attacks, and significant exploits. According to CertiK, a blockchain security firm, exit scams accounted for $1.2 million, flash loan attacks led to $1.5 million in losses, and a staggering $127 million came from different exploits.
One of the most notable incidents involved Radiant Capital, a lending protocol, which lost over $50 million. The hack on October 16 compromised <a href="https://thenewscrypto.com/bnb-eyes-solana-style-rally-technical-signals-point-to-potential-25-surge/" rel="noopener noreferrer nofollow">BNB</a> Chain and <a href="https://x.com/arbitrum" rel="noopener noreferrer nofollow">Arbitrum</a> markets. Radiant’s investigation revealed that hackers used malware to infiltrate the devices of at least three core developers, gaining access to private keys and smart contracts.&nbsp;
After the attack, Radiant Capital implemented security enhancements, including transferring protocol ownership to a timelock contract and adding a 72-hour buffer for changes.
Meanwhile, a separate phishing incident on October 11 led to a crypto whale losing $36 million in wrapped Ethereum (fwDETH) after signing a fraudulent transaction. Additionally, the M2 crypto exchange fell victim to a hack on October 31, losing $13.7 million in <a href="https://thenewscrypto.com/bitcoin-drop-sparks-350m-liquidations-ahead-of-u-s-election/" rel="noopener noreferrer nofollow">Bitcoin</a>, Ether, and Solana. Despite the setback, M2 confirmed that customer funds were fully restored and security measures were improved.
<h3 class="wp-block-heading" id="h-other-defi-projects-attack">Other DeFi Projects Attack</h3>
Ethereum’s EigenLayer was exploited for $5.7 million, with funds laundered through HitBTC and <a href="https://www.bybit.com/en/" rel="noopener noreferrer nofollow">Bybit</a>. Furthermore, decentralized finance platforms Tapioca DAO and Sunray Finance experienced private key compromises. Tapioca’s attacker stole $4.7 million via social engineering, exploiting the vesting contract to mint excess tokens. Sunray lost $2.86 million after an attacker used a compromised key to upgrade a smart contract, minting and dumping SUN tokens.
Although October’s $127 million in exploit losses marked a 2.91% increase from September’s $123.4 million, it reflected a significant decline from the $324.7 million lost in May. These incidents underscore ongoing security challenges in the crypto sector, emphasizing the need for robust protection measures to safeguard assets.
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October Crypto Losses Hit $129M Amid Rising Security Threats

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