DeFi losses from hacks in October have surpassed $55 million

In October 2024, cryptocurrency projects experienced a loss of $55.1 million due to hacker intrusions.

The Immunefi team released a cybersecurity report for the month of October. When compared to September, the total losses from hacks decreased by 56.6%.

How hackers operated in October 2024

Since the beginning of the year, perpetrators have executed 179 attacks on crypto projects, resulting in total losses of $1.4 billion. This figure represents a 1% decrease compared to the same period in 2023, experts noted.

October marked the second month of 2024 with the least financial losses. In the preceding month, hackers managed to steal $55 million, which is 114% more than in October 2023. The toughest months identified by experts were May and July, during which the crypto sector lost $358 million and $281 million, respectively.



The majority of losses stemmed from two major attacks targeting the decentralized lending protocol Radiant Capital and the decentralized autonomous organization (DAO) Tapioca, with the former losing $50 million and the latter losing $4.4 million.

According to experts, the hack on Radiant Capital was one of the most complex attacks ever recorded.

Also read: Top 5 cryptocurrency security threats – how hackers target blockchains

Interestingly, Immunefi reported no instances of fraud in October. There has been a declining trend in scam occurrences since the start of 2024. In the first three quarters alone, crypto projects incurred only $3 million in losses from phishing attacks.



Top hacks in October 2024. Source: Immunefi

All losses during this period were attributed solely to hacker breaches within the decentralized finance (DeFi) sector, as CeFi was left unscathed last month.

The most targeted blockchain was the BNB Chain (BNB), with four incidents reported. Ethereum (ETH) and Arbitrum (ARB) each experienced two hacks.