Despite crypto having all the merits that make it attractive, one of its greatest weaknesses is cyber security. In October, crypto lost $88.477 million. This, compared to previous months in 2024, has lost the second least amount, followed by April, which lost $60.19 million.
Top three crypto hacks in October
Secondly, the US government seizure fund was hacked for $2 million, according to blockchain analysts from Arkham Intelligence. Arkham said it detected that the crypto was “suspiciously moved” from a government wallet to an unknown wallet.
Private key comprises implemented for hacking
Tapioca DAO became one of many DeFi projects that suffered a private key compromise. In this case, the attacker stole an estimated $4.7 million in a social engineering attack.
In that occurrence, hackers used a compromised key to gain control of the project’s token vesting contract, giving them access to mint an unlimited amount of USDO tokens.
They then drained $3 million from the USDO/USDC liquidity pool on Uniswap. The foundation later recovered approximately 1,000 ETH, valued at over $2.7 million.
Sunray Finance also succumbed to another private key compromise, allowing the exploiter to gain control of the SUN and ARC tokens and sell them off, draining the funds from DEX pairs.
