According to blockchain analytics firm PeckShield, October was a challenging month for the cryptocurrency industry, with nearly 20 hacking incidents resulting in approximately $88.4 million in losses. The total on-chain losses for the month reached $181 million.
The most significant breach involved Radiant Capital, which suffered a staggering loss of $53 million due to the compromise of multi-signature wallets associated with the Ethereum network. Other notable incidents included a U.S. government seizure of $20 million in stolen assets, which were ultimately recovered. Additionally, EigenLayer reported that $5.7 million was laundered through cryptocurrency exchanges like HitBTC and Bybit.
Phishing scams were particularly rampant, accounting for $43.5 million in losses. A deceptive “permit” signature scheme led to approximately $35 million in losses involving the fwDETH token. Incidents of private key leakage also contributed to the losses, resulting in $7.2 million being siphoned off, while rug pulls collectively accounted for $45.7 million in losses.
Despite the considerable losses, October saw a 26% decrease in total losses compared to September, when hackers stole $120 million in more than 20 separate incidents. This decline is significant, especially when compared to August, which recorded over $300 million in losses from just 10 hacking events.
As the crypto sector continues to grapple with security challenges, the data from PeckShield underscores the ongoing vulnerabilities within the industry and the urgent need for enhanced security measures.
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