October 2024 saw $129.6 million in losses across the crypto industry due to hacks, scams, and other exploits, marking a slight increase from the previous month. Radiant Capital was hit hardest, losing over $50 million after attackers compromised developer accounts and accessed private keys. A separate phishing attack on a crypto wallet led to an additional $36 million loss, while exchange platform M2 fell victim to a $13 million hack.
These incidents underscore the persistent security challenges within the industry, despite heightened awareness and investments in cybersecurity. Notably, October’s figures still fall short of the year’s highest monthly losses, recorded in May, when over $324.7 million was drained from various projects. The pattern suggests that while vulnerabilities remain, some improvements may be taking effect.
Experts emphasize that platforms need even stronger defenses against increasingly sophisticated attackers. Enhanced protocols, continuous security assessments, and user education are critical to minimizing the risks of these costly breaches.
