Damage from Crypto Hacks Fell to $51M Last Month: Report

The crypto industry experienced losses of $51.61 million in October due to 23 security incidents. This represents a decrease of 85.6% compared to the previous month, according to experts from Beosin.

Hacker attacks caused the most damage during this period, with a total of about $28.33 million.

The most significant incidents included the theft of $7 million from the Fantom Foundation purse, $6 million from Philippine exchange Coins.ph, and $4.4 million from password management service LastPass (which was a result of a previous data leak).

Beosin experts noted that all three cases involved the compromise of private keys, which still account for 67% of total losses from cyberattacks.

They also highlighted two hacks of Telegram bots, with Maestro losing approximately $510,000 and Unibot losing approximately $640,000.

During October, Beosin identified six fraudulent rug pull schemes resulting in losses of $12.02 million.

One of these schemes involved the gaming project FinSoul, where users lost $1.6 million.