Certik: Crypto projects lost about $116 million in October 2024

In October 2024, the cryptocurrency industry experienced losses of around $116 million related to attacks, fraud, and protocol exploits. The data released by CertiK shows that despite the significant losses, this is the lowest monthly figure in the last 6 periods. According to them, this indicates a slight decrease in malicious activity in the crypto space. The report also indicates that about $245k of the stolen funds were recovered, which was a minor factor. The main losses came from exploits, which amounted to about $113.3 million, emphasizing the dominance of this threat category in October. Among those affected, the largest was the attack on Radiant Capital. The platform lost $34.7 million. Terra LFG and Berry DAO also suffered significant losses – $5.4 million and $2.9 million, respectively. In

addition, about $1.5 million was lost as a result of flash attacks in credit protocols, during which attackers used complex algorithms to manipulate prices and assets.

The

biggest loss was incurred by Universe Project, which lost almost $996 thousand.

Scams accounted for about $1.2 million in losses, which was less significant, but still a dangerous aspect for market participants. In this segment, the Wize Project suffered the most, with losses of $487 thousand. The presence of “rug pull” or rug pull schemes, in which project creators suddenly cease operations and disappear with users’ money, continues to be a pressing problem. Despite the decrease in the total amount of losses, current indicators point to significant risks inherent in the cryptocurrency industry. The October month’s incidents highlight the need for further improvement in the industry’s security standards, both on the part of developers and regulators.