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October 2024, typically hailed as "Uptober" for its bullish trends, was unexpectedly marred by a series of major hacks and exploits in the crypto world. Despite the usual market optimism, the sector faced staggering losses 

Blockchain security firm CertiK reported that the cryptocurrency sector faced significant losses in October 2024, totaling $129.6 million due to various security incidents. The majority of these losses, amounting to $127 million, were attributed to exploits, while the remaining were from exit scams and flash loans.

One of the most notable incidents involved Radiant Capital, a lending protocol, which lost over $50 million on Oct. 16, which was first reported by a Web3 security firm, De.Fi Antivirus Web3. 

Hackers accessed the protocol's private keys and smart contracts by injecting malware into the devices of several core developers. Following the breach, Radiant Capital temporarily halted its markets and implemented enhanced security measures, including transferring protocol ownership to a timelock contract.

Additionally, a phishing attack on October 11 resulted in the loss of $36 million worth of fwDETH tokens from a crypto wallet, which was noticed by the market analytics platform, Lookonchain. The user signed a phishing transaction, allowing hackers to gain access to the wallet.

Crypto exchange M2 — the third highest in terms of losses — reported a security breach on Oct. 31, with attackers stealing $13.7 million in Bitcoin, Ether, and Solana from its hot wallets. M2 assured customers that all funds have been restored and the issue resolved.

CertiK's report highlights the ongoing security vulnerabilities in the cryptocurrency space and underscores the need for robust security measures to protect investors and platforms.