October 2024 Sees Crypto Losses of $55 Million Marking Second-Lowest Year-to-Date Total

October 2024 Sees Crypto Losses of $55 Million Marking Second-Lowest Year-to-Date Total

October 2024 witnessed significant losses in the cryptocurrency sector totaling $55138600 across seven hacking incidents according to the latest report from Immunefi a prominent bug bounty and security services platform. While these losses represent the second-lowest amount recorded year-to-date they also reflect a staggering 114% increase compared to October 2023 when losses were reported at $25706429.

In the past 30 days the majority of the losses primarily stemmed from two major projects within the decentralized finance (DeFi) space. Radiant Capital a DeFi lending protocol suffered the brunt of the losses losing an estimated $50000000. Meanwhile another DeFi protocol Tapioca DAO reported losses of $4400000. Other notable incidents included P719 losing $328000 MorphoLabs losing $230000 Ramses Exchange reporting losses of $93000 HYDT losing $58000 and Fire experiencing a loss of $24000.

Looking at the year-to-date figures for 2024 the total losses from hacks and rug pulls have reached a staggering $1400073177 across 179 specific incidents. This figure indicates a slight decrease of 1% compared to the same period in 2023 when the losses amounted to $1414641935. Notably the losses incurred this year were primarily driven by significant events in May and July with over $358 million drained in May alone and over $281 million in July.

The report highlights that all recorded losses in October were attributed to hacking incidents with no reported fraud incidents during this timeframe. The data indicates a clear trend that DeFi platforms are becoming increasingly vulnerable with 100% of the total volume of funds lost in October resulting from hacks within the DeFi sector. Immunefi emphasized that DeFi once again surpassed centralized finance (CeFi) in terms of total funds lost.

In terms of targeted chains the BNB Chain was the most affected in October enduring four of the seven attacks which accounted for 50% of the total losses across targeted chains. Ethereum and Arbitrum both faced two attacks each contributing to 25% of the total losses respectively.

Despite the troubling statistics Immunefi noted that it currently offers over $167 million in available bounty rewards and has successfully paid out more than $100 million in bounties while saving over $25 billion in user funds. The platform has facilitated some of the largest bug bounty payments in software history which include $10 million for a vulnerability found in the cross-chain messaging protocol Wormhole $6 million for a vulnerability in the Aurora bridge and $2.2 million for a vulnerability in the decentralized Ethereum scaling platform Polygon.