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Radiant Capital exploit accounts for half of October’s six-month low $116M crypto crime Radiant Capital exploit accounts for half of October’s six-month low $116M crypto crime

Radiant Capital exploit accounts for half of October’s six-month low $116M crypto crime

Crypto exploits remain a major pain point for the emerging industry despite increased vigilance among investors.

Radiant Capital exploit accounts for half of October’s six-month low $116M crypto crime

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

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October marked a significant decline in crypto-related losses due to exploits, with total losses amounting to approximately $116 millionโ€”the lowest monthly losses in the last six months.

Most of October’s losses stemmed from exploits, followed by flash loan attacks and exit scams. Exploits accounted for the bulk, totaling $113.3 million, while flash loan and exit scams contributed $1.5 million and $1.2 million, respectively.

According to blockchain security firm CertiK, around $245,000 of these funds was successfully returned to victims, bringing the net impact down to approximately $115.8 million.

Radiant Capital dominates losses

One of the month’s most significant incidents occurred on Oct. 16, when Radiant Capital, a Multichain money market, faced a $50 million exploit due to a hardware wallet compromise. This event caused a 7% drop in its RDNT token value.

According to CertiK, the exploit’s impact reached $54 million, accounting for nearly half of the total losses in October. Radiant Capital reported ongoing collaboration with US law enforcement and Web3 security teams to recover the stolen funds.

Following this, a phishing attack targeted a crypto whale, losing approximately $36 million in 15,079 fwDETH tokens. This incident led to a depeg of the DETH token, designed to mirror Ethereum’s value.

Other notable October exploits included a $5.3 million attack on EigenLayer and a $4.7 million exploit on Tapioca DAO.

In addition, flash loan attacks cost the crypto sector roughly $1.5 million. A single attack on an unnamed project accounted for $996,000 of this loss.

Exit scams also remained an issue, with Void and Undead responsible for $487,000 and $429,000 in losses, respectively, making them the largest exit scams of the month.

This downtrend in exploit-related losses suggests increasing resilience within the crypto sector, yet the threat of hacks and scams persists, reminding investors to stay vigilant.

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Posted In: Crime, Featured, Hacks