October crypto hacks tally up to $88.4m in losses across 20 incidents

PeckShield reported that October saw approximately 20 crypto hacking incidents, resulting in losses of approximately $88.4 million, with the largest incident affecting Radiant Capital.

October has been a tough month for the crypto industry; Nearly two dozen hacker attacks resulted in losses of $88.4 million, while total losses on the chain rose to $181 million.

Data compiled by blockchain analysis firm PeckShield shows that the biggest incident involved Radiant Capital, which lost $53 million following a breach of multi-signature wallets connected to the Ethereum network.

Other violations included the US government’s seizure of $20 million. However, the stolen funds were eventually recovered and EigenLayer saw $5.7 million worth of cryptocurrency laundered through crypto exchanges such as HitBTC and Bybit.

⛑️OKX Explorer Security Monthly Report
In October, on-chain losses reached $181 million, an increase of 38.9% compared to last month. Phishing scams caused $43.53 million in losses.
👉On October 11, a Blast user lost $35 million in fwDETH due to a phishing “permission” signature.
👉Radiant on October 16th… pic.twitter.com/40ECZ0hwDa

— OKLink (@OKLink) November 1, 2024

Meanwhile, data from OKLink shows that phishing scams alone caused $43.5 million in losses, with nearly $35 million in fwDETH losses due to a phishing attack containing a misleading “permission” signature. Additionally, private key leak incidents resulted in $7.2 million in lost funds, while rug pulls caused $45.7 million in losses.

The latest data shows a 26% decrease in losses compared to September, when hackers stole $120 million in more than 20 incidents. While the figure is still significant, the overall impact of crypto hacks has diminished compared to August, when the industry suffered over $300 million in losses from just 10 separate incidents.