The crypto market has been hailed as one of the most lucrative in the financial market. However, one of its weaknesses remains cybersecurity. According to a report by cybersecurity firm Peckshield, about $88 million in crypto was recorded in October. This figure is the second least compared to other months this year, with April witnessing a loss of $60 million.
The firm took to its X account to alert the general public on the facts and figures behind the hack attacks in October. The firm mentioned about 20 hack attacks in October, resulting in a loss of $88.47 million.
Crypto market’s top three hacks in October
According to the report, Radiant Capital suffered another attack last month. The first hack attack was a flash loan, leading to a loss of $4.5 million. However, this second one was bigger than the first, with the platform losing about $54 million in user funds.
The firm broke the news on its X handle, noting that the hackers used a malware injection that targeted the developer’s hardware wallets to carry out the act. On-chain data shows that the hack happened before the end of last month.
The second one was the US seizure fund, hacked for $2 million. Arkham Intelligence reported the incident, noting that it discovered that the funds were moved from a government-owned wallet to an unknown wallet. The funds included Ethereum, and stablecoins like USDC, and USDT. However, the hacker returned about $90 million from the loot.
Eigenlayer, a retaking protocol built on Ethereum, also lost $5.7 million to hackers. The stolen funds were moved through HitBTC and Bybit exchanges. The hack occurred on October 4, after which the team announced that the wallet had been flagged after several investigations into its unauthorized selling activities.
Platforms suffered private key compromises
Decentralized finance platforms were also not spared, with Sunray Finance and Tapioca Foundation taking similar hits. Tapioca was one of the few DAOs that suffered a private key compromise. The social engineering attack deployed on the platform saw the hacker steal $4.7 million.
The hackers used a compromised key to enter the company’s token vesting contract, giving them access to mint as many USDO tokens as possible. They then went on Uniswap and drained $3 million from the USDO/USDC liquidity pool. After a short while, the foundation recovered $2.7 million from the loot.
Sunray Finance suffered another private key compromise, giving the hacker access to its Sun and ARC tokens. The hacker was able to sell them off and drain the funds from the DEX pairs.
Sunray Finance lost $2.8 million after a malicious smart contract on Arbitrum was upgraded in a single transaction. The hacker funded their wallet using the Across Bridge and minted 200 SUN tokens. The hacker was able to swap the tokens into USDT. The platform revealed on October 31 that it was working to retrieve all data.