Report: October losses from hacks and scams fall to $51 million

Crypto-industry losses from 23 security incidents in October totalled $51.61 million, an 85.6% drop from the prior month, Beosin notes.

?Blockchain Security Recap of October: $51.61M Lost in Attacks?

The month of October saw over 23 typical security incidents that resulted in a total loss of approximately $51.61M due to hacker attacks, #phishing scams, and #rugpull , which is an 85.6% decrease compared to… pic.twitter.com/3aq16FADbD

— Beosin ? Blockchain Security (@Beosin_com) November 1, 2023

The largest monthly losses were from hacker attacks — about $28.33 million. Among the 15 breaches, these were:

• wallet Fantom Foundation — $7 million;
• Philippines-based exchange Coins.ph — $6 million;
• password-management service LastPass — $4.4 million (the incident was the result of a prior data breach).

Beosin specialists stressed that all three cases involved private-key compromise. According to them, such incidents continue to account for up to 67% of total losses from cyberattacks.

They also drew attention to two Telegram bot hacks in October. First hit Maestro (about $510,000), and then — Unibot (about $640,000).

Beosin recorded six rug-pull schemes in October with aggregate losses of $12.02 million rug-pull with total losses of $12.02 million.

Among them was the gaming project FinSoul, where users lost $1.6 million. The team behind the latter is linked to the exit scam of the DeFi platform Fintoch in May for $31 million.

Experts say such incidents are rising in the industry, and users should conduct thorough due diligence, especially for closed-source projects.

In the third quarter, total losses from hacks and scams amounted to about $889.3 million, Beosin reports.