Cryptocurrency Losses Reach $55.1 Million in October, Reports Immunefi

In October, cryptocurrency companies suffered losses amounting to $55.1 million due to hacks, a decrease of 56.6% compared to the previous month’s $126.9 million, according to a report by Immunefi.

Throughout the month, seven incidents occurred. The majority of losses were attributed to two projects: a hack of the DeFi protocol Radiant Capital amounting to $50 million and an exploit of Tapioca DAO for $4.4 million.

Other affected entities included P719, Morpho Labs, Ramses Exchange, HYDT, and Fire. Analysts did not record any cybercrimes in the CeFi segment for October.

Hackers most frequently targeted the BNB Chain network, accounting for 50% of the attacks last month. The remaining exploits occurred in Ethereum and Arbitrum, each with 25%.

According to analysts, the cumulative market losses since the beginning of the year have exceeded $1.4 billion from 179 incidents.

In comments to The Block, Immunefi representatives linked the slowdown in monthly losses for crypto companies to improved internal security measures, including audits, smart contract enhancements, bounty programs, and hiring experienced professionals.

Earlier estimates by analysts indicated that the crypto industry suffered $413 million in losses from hackers and fraudsters in the third quarter.