- October brought millions of dollars in losses due to the hacking of crypto companies.
- Radiant Capital suffered losses twice, by $50M, and $36M, M2 wallet hacked for $13M
October saw a 2.91% increase in losses from hacking attacks, and among the main victims were Radiant Capital, with double attack losses of $50M and $36M, as well as M2 Wallet at $13M.
Details of Attacks and Losses
October was more critical for crypto companies than September, showing losses of 127 vs. 123.4. However, as in all cases, we need to look at the big dynamics, and compared to the last year – the losses decreased by 60%, namely 324.7. Still, the year has not come to an end yet, so it is too early to speak definitively about the decrease.
Radiant Capital’s lending protocol took the biggest hit, or rather two hits worth $50M and $36M. After that, Radiant Capital was forced to suspend operations on the BNB Chain and Arbitrum markets.
Hackers were able to gain access to the private keys and smart contracts of the protocol by gaining access to at least three major developers through malware injection and withdrew assets of more than $50M.
Also, a separate incident happened, but the scale is very impressive at $36M. An individual user lost 15,079 fwDETH after signing a phishing transaction, which is a reminder that social engineering is just as effective as software engineering.
The third loss was taken by the M2 wallet for $13M. The details of the incident are not exact, and it became known thanks to the statement of crypto investigator ZachXBT, but M2 hastened to say that the incident has been resolved and customer funds have been restored.
Conclusion
So, crypto hacks remain a hot topic and number in the millions despite the initial security-centric nature of blockchain technology.
The core problem is that it requires existing Web2 infrastructure that provides data and interface to the Web3 network.
Also, even in the most secure network, the biggest vulnerability remains people, as the M2 case reminds us once again.
Be aware, make informed decisions, and stay tuned.
