Crypto Hacks, Scams, and Losses Exceed $32 Million in October: CertiK

Published: Oct 31, 2023
Written By:
Vignesh Karunanidhi
Milk Road Writer

In October, over $32 million in crypto was stolen through an array of security breaches, scams, and exploits, according to security and threat intelligence platform CertiK. The October loss pushed 2023’s total well above $1.3 billion.

CertiK’s incident report reveals the scale and diversity of risks facing the crypto sector. Here are the key details:

Biggest single loss: $7 million Fantom Foundation breach

The largest single loss involved a Fantom Foundation employee account compromise, resulting in a staggering $7 million theft. Insider threats represent an often overlooked crypto vulnerability. Centralized exchanges saw one of the biggest individual losses, with Philippines-based Coins.ph hacked for $6 million. High asset concentrations make exchanges prime targets.

DeFi Attacks:

  • Burgle.eth: $3 million loss
  • Stars Arena: $2.8 million
  • BigWhale: $1.5 million
  • Other platforms under $2 million

Flash loan attacks – $264 million in 2023

Flash loan-based attacks have resulted in over $264 million in losses this year so far. Top October incidents:

  • Platypus Defi: $2.2 million
  • BH Token: $1.2 million
  • Hope.Money: $417,000

Major purported exit scams in October:

  • Standard Cross Finance: $1.6 million
  • Ivy: $1.5 million
  • Safereum: $1.3 million

October sees $32 million in losses

Cumulative exploit losses reached nearly $1 billion in just the first 10 months of 2023. CertiK tallied over $32 million stolen in October across 11 major security incidents. Total estimated losses from hacks, scams, and exploits have surpassed $1.3 billion so far in 2023.

The regulatory challenges plaguing the crypto industry have overshadowed its acute security threats. But the monthly parade of multi-million-dollar compromises shows severe risks persist.

As the collapse of FTX demonstrated, even the most prominent organizations have proved vulnerable. The data highlights the industry’s need to bolster cybersecurity and threat awareness before losses spiral even further.

More robust measures, disclosure, auditing, insurance, and collaboration are required to restore trust and prevent users from abandoning crypto as an unsafe arena. 

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.