Gushiken Yona
Who are the shadowy figures behind the crypto hacks that cost nearly $88.47 million in October? The answer, like much in the digital world, remains elusive, highlighting the ongoing battle between security and innovation in the crypto space.
The October 2024 crypto landscape was marred by a series of high-profile hacks, leaving a trail of devastation across the decentralized finance (DeFi) ecosystem and prompting a renewed focus on security vulnerabilities. Blockchain security and data analytics company PeckShield revealed that nearly $88.47 million was stolen across roughly 20 hacking incidents, underscoring the ongoing challenge of safeguarding assets in a rapidly evolving digital landscape.
Leading the pack of October’s most significant hacks was Radiant Capital, a lending protocol that suffered a $53 million breach. Attackers exploited a vulnerability in the platform’s smart contracts, siphoning funds that were ultimately bridged to the Ethereum blockchain. The incident highlighted the ongoing risks associated with cross-chain protocols, where security breaches in one network can have cascading effects across interconnected ecosystems.
Another notable incident involved a $20 million seizure of funds by the U.S. government, though these funds were mostly returned ;ater. The incident serves as a reminder that the crypto space is not immune to the reach of traditional law enforcement, even as it continues to evolve beyond traditional financial systems.
Related: 7 Reasons Gas Fees Rise and How It Affects Everyday Web3 Users
Other major hacks in October included a $5.7 million theft from Eigenlayer, a decentralized network for liquid staking, and a $4.7 million loss for Tapioca Foundation, a decentralized finance platform on the Binance Smart Chain (BNBChain). Both attacks involved sophisticated methods of exploitation and subsequent money laundering, with stolen funds being moved through various exchanges, including HitBTC and Bybit.
Finally, SUNRAYFINANCE, another BNBChain-based platform, saw a loss of $2.86 million, highlighting the increasing frequency of attacks targeting DeFi platforms built on the Binance network.
Related: Brazil Jails 14 Crypto Traders for $95M Drug Money Laundering Scheme
While these incidents represent significant financial losses for the victims, they also serve as a stark reminder of the need for robust security measures within the crypto space. The increasing sophistication of attack methods and the constant evolution of the DeFi landscape require developers and platforms to remain vigilant, continuously adapting their security protocols to address emerging threats.
The latest data underscores a critical need for the industry to collaborate on security best practices. Sharing intelligence, developing standardized security audits, and fostering a culture of responsible security practices are essential steps toward building a more resilient and secure future for the crypto ecosystem. As the DeFi space continues to grow, the ongoing battle against crypto hacks will remain a crucial challenge, requiring continued investment in security infrastructure and a collaborative approach to mitigating risks.
Read More
- Shiba Eternity Web3 Open Beta Is LIVE
- Hackers Briefly Borrow $20M in Crypto from US Gov, Returns it (Mostly) Intact
- Automatic Bot Hacks Token, Profits $24,000 in 12 Secs
YONA GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
