In 2024, cyber insecurities and manipulations have been on the increase. Per recently compiled data, October has witnessed major cyber attacks, resulting in losses worth $129.6 million. The incidents involved three prominent entities in the ecosystem: The Radiant Capital, a crypto whale, and crypto exchange M2.
Meanwhile, the report noted that the cyber manipulators leveraged popular online scamming techniques like flash loan attacks, exit scams, and exploits to perpetuate their criminal acts. The virtual currencies forfeited to these attacks are alarming and need urgent attention.
October Cyber Attacks Breakdown
One of the most disturbing attacks in October involved Radiant Capital, a Decentralized Finance (DeFi) and lending platform. Following the invasion, the company forfeited digital assets equating to over $50 million.
Further probing revealed that the manipulators responsible for the Radiant Capital security breach succeeded in their quest by hijacking the lending firm's core developers' devices. Interestingly, the unauthorized invasion on October 16 resulted in the DeFi platform ceasing operations until November 1, when it resumed operations.
Meanwhile, in response to the attack, Radiant Capital upgraded its security measures by adopting the timelock strategy, where unfamiliar operations will experience a 72-hour waiting period.
On October 31, ZachXBT highlighted the scamming event that resulted in the disappearance of $13.7 million from M2, a renowned crypto exchange. The exchange's security breach saw it lose cryptocurrencies like Bitcoin (BTC) and Solana (SOL). However, on the bright side, customers regained their lost assets within a few days.
To sum up an eventful October, an investor also announced that he lost about $36 million to a phishing scam. He narrated that the malicious actors stole about 15,079 fwDETH despite taking adequate preventive measures.
Looking Ahead
It remains indisputable that cyber attacks in the crypto industry have peaked, with the highest occurrence recorded in May. The statistics from May revealed that the crypto community forfeited $324.7 million in stolen assets. October’s data witnessed a 60% reduction in crime rates, which invariably implies a good prognosis.
