PeckShield reports that October saw nearly 20 crypto hacks, leading to around $88.4 million in losses, with the top incident affecting Radiant Capital.

October’s Crypto Hacks: A Summary

October proved to be a difficult month for the crypto sector, with around two dozen hacker attacks resulting in losses of $88.4 million, while total on-chain losses rose to $181 million.

Data compiled by blockchain analytics firm PeckShield shows that the largest incident involved Radiant Capital, which lost $53 million after the breach of multi-signature wallets linked to the Ethereum network. Other breaches included a U.S. government seizure of $20 million, which were eventually recovered, while EigenLayer saw $5.7 million worth of crypto laundered via crypto exchanges.

Losses Due to Phishing Scams and Other Attacks

Meanwhile, data from OKLink indicates that phishing scams alone accounted for $43.5 million in losses. A notable incident occurred on October 11, where a Blast user lost $35 million in fwDETH due to a phishing attack involving a deceptive “permit” signature. Additionally, private key leakage incidents resulted in $7.2 million in lost funds, while rug pulls accounted for $45.7 million in losses.

Comparative Analysis of Monthly Losses

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

October’s crypto hacks resulted in significant financial losses, underscoring the importance of enhanced security measures in the industry.

Tips to Protect Your Crypto Investments

  • Use Multi-Signature Wallets: Enhance security by requiring multiple signatures for transactions.
  • Stay Vigilant Against Phishing Scams: Be cautious of deceptive emails and websites that mimic legitimate platforms.
  • Secure Private Keys: Store private keys offline and in secure locations.
  • Research Before Investing: Ensure that the projects you invest in have strong security protocols.
  • Monitor Transactions Regularly: Keep an eye on your account activities to detect any suspicious actions promptly.

Staying informed and adopting robust security practices are crucial steps in safeguarding your cryptocurrency investments.

#PeerToPeer #CryptoAdoption

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