Crypto Sector Loses $129 Million in October Hacks, Highlighting Urgent Need for Security Overhaul

October 2024 saw crypto platforms lose over $129 million across more than 20 cyberattacks, exposing critical vulnerabilities in both DeFi and CeFi platforms. Key incidents included the $53 million Radiant Capital hack and a $14 million loss at M2 Exchange, underscoring the need for strengthened security protocols.

October 2024 proved to be a particularly challenging month for the crypto industry, with over $129.7 million lost in cyberattacks. This increase in exploit activity, spanning exit scams, flash loan attacks, and platform exploits, highlights ongoing security vulnerabilities within both centralized and decentralized finance ecosystems. The majority of the month’s losses originated from platform exploits, with CertiK’s latest report revealing that these attacks accounted for over $127 million of the total losses.

The largest hack of the month targeted Radiant Capital, a decentralized lending platform, resulting in a $53 million loss. Hackers exploited vulnerabilities in Radiant’s cross-chain bridge with Ethereum, underscoring the risks associated with cross-chain operations and the need for stringent multi-level security. Another significant incident involved a $14 million loss from M2 Exchange’s hot wallet, a breach attributed to inadequate wallet security.

A noteworthy event included the U.S. government’s intervention to seize $20 million in assets, demonstrating the growing collaboration between blockchain businesses and government agencies in combating cybercrime. Meanwhile, other attacks, such as the $5.7 million Eigenlayer phishing incident and the $4.7 million Tapioca Foundation hack, further underscored the importance of robust phishing defenses and code reviews, especially in Binance-connected environments.

The rising frequency and severity of attacks in the crypto sector highlight the urgent need for comprehensive security measures. Strengthening wallet security, implementing regular audits, and refining regulatory guidelines will be essential to protect investors and foster trust in the evolving digital asset landscape.

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