AccordingtocybersecurityfirmPeckShieldAlert,thecryptocurrencyspacefacedapproximately20hackingincidentsinOctober2024,withtotallossesreachingaround$88.47million.
Fivesignificantbreachesaccountedformostofthelosses,withRadiantCapitalexperiencingthelargestsetback.
TheTopOctoberCryptoHacks
ThefirmrevealedthatamongthetopfiveincidentsinOctoberwastheRadiantCapitalexploit,wheremillionsincryptoassetswerebridgedtoEthereum.Additionally,awalletlikelycontrolledbytheU.S.governmentwascompromised,resultingina$20millionloss.
TheRadiantCapitalepisodehappenedonOctober17,withblockchainsecurityfirmAnciliaInc.issuinganalertforsuspiciousactivityontheprotocol’ssmartcontractontheBNBChain.Severalon-chainsecurityexpertsgavedifferentestimationsoftheloss,withSpotonChaingivingafinalassessmentof$53million.
Thiswastheplatform’ssecondbreachthisyear;inJanuary2024,itsuffereda$4.5millionlossduetoaseparatevulnerabilityinitssmartcontracts.
CryptoPotatoreportedthehigh-profileincidentonOctober24wherecriminalscompromisedacryptocurrencywalletlikelycontrolledbytheU.S.government.Thewalletheldassetsseizedinthe2016Bitfinexhackandwasdrainedof$20million.However,theunknownattackerlaterreturnedabout$19.3milliontothebreachedwallet.
ArkhamIntelligencehadtracedthefunds’movementtoanaddressbeginningwith“0x348,”whichcontainedcryptocurrenciessuchasUSDCoin(USDC),Tether(USDT),andEthereum(ETH).
InthecaseofEigenLayer,$5.7millionwasstolenandthenlaunderedthroughtheHitBTCandBybitexchanges.TheexploitwasexecutedonOctober4,afterwhichtheproject’steamannounceditwasinvestigating“unapprovedsellingactivity”fromanow-flaggedwalletaddress.
MoreIncidents
Elsewhere,theTapiocaFoundation,adecentralizedfinanceplatformontheBNBChain,lost$4.7millioninasocialengineeringattack.Inthatoccurrence,hackersusedacompromisedkeytogaincontroloftheproject’stokenvestingcontract,allowingthemtomintaninfiniteamountofUSDOtokens.
Theythendrained$3millionfromtheUSDO/USDCliquiditypoolonUniswap.Afterhackingtheexploiter,thefoundationlaterrecoveredapproximately1,000ETH,valuedatover$2.7million.
Anotherdecentralizedprotocol,SunrayFinance,had$2.86millionstolenafteramalicioussmartcontractontheArbitrumchainwasupgradedinasingletransaction.TheattackerusedtheAcrossbridgetofundtheirinitialwallet,minted200trillionSUNtokens,andswappedthemforUSDT.ThisleadstotheSUNtoken’svaluecollapsingtozero.
cryptopotato.com