The cryptocurrency sector experienced a tumultuous October 2024, grappling with a series of high-profile hacks that collectively siphoned off approximately $88.47 million in digital assets. Cybersecurity firm PeckShieldAlert identified around 20 hacking incidents throughout the month, highlighting the increasing vulnerability of the industry to cyberattacks.
Among the most significant breaches was the exploitation of Radiant Capital, a decentralized finance (DeFi) platform, which resulted in a staggering loss of $53 million. Hackers exploited a vulnerability in the platform’s smart contracts, enabling them to drain millions of dollars worth of cryptocurrency. This incident marked the second major security breach for Radiant Capital in 2024, following a January attack that cost the platform $4.5 million.
Another high-profile incident involved a cryptocurrency wallet likely controlled by the U.S. government. The wallet, which held assets seized from the 2016 Bitfinex hack, was compromised, leading to the theft of approximately $20 million. However, in an unexpected turn of events, the attacker returned nearly all of the stolen funds to the wallet.
Other notable hacks included the exploitation of EigenLayer, a decentralized staking protocol, which resulted in a loss of $5.7 million. The stolen funds were subsequently laundered through cryptocurrency exchanges HitBTC and Bybit. Additionally, the Tapioca Foundation, a DeFi platform on the BNB Chain, suffered a $4.7 million loss due to a social engineering attack. Hackers gained control of the project’s token vesting contract, allowing them to mint an unlimited supply of tokens and drain liquidity pools.
Sunray Finance, another decentralized protocol, was also targeted, with hackers stealing $2.86 million by exploiting a vulnerability in a smart contract on the Arbitrum chain. The attacker minted a massive amount of the protocol’s native token, SUN, and then exchanged it for stablecoins, causing the token’s value to plummet.
These high-profile hacks underscore the ongoing challenges faced by the cryptocurrency industry in securing digital assets. As the industry continues to grow and evolve, it is imperative for developers, exchanges, and users to prioritize security measures and remain vigilant against cyber threats.
