Platypus Finance

Cross Finance

Fantom

Foundation

Tornado

According to blockchain analysis firm CertiK, over $32.2 million was lost to crypto scams and security incidents in October, with vulnerabilities, exit scams, and flash loan manipulations among the leading causes.
In October alone, more than $32.2 million in user funds have been lost to security incidents and scams in the crypto market, according to blockchain analysis <a href="https://twitter.com/CertiKAlert/status/1719323648878600246" target="_blank" rel="noopener noreferrer nofollow">CertiK</a>.
A large part of these incidents were vulnerability exploits, accounting for $22 million of the lost funds. Topping the list was the <a href="https://crypto.news/fantom-foundation-hit-by-security-breach-with-657k-stolen-across-networks/" rel="noopener noreferrer nofollow">Fantom Foundation</a> security breach, which alone saw hackers drain $700,000 in funds – mostly from an employee wallet. The hacker today moved the stolen funds into <a href="https://twitter.com/CertiKAlert/status/1719365665524449585" target="_blank" rel="noopener noreferrer nofollow">Tornado Cash</a>.
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 <a href="https://twitter.com/hashtag/CertiKStatsAlert?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#CertiKStatsAlert</a> 🚨 Combining all the incidents in October we’ve confirmed ~$32.2M lost to exploits, hacks and scams. Exit scams were ~$8M Flash loans were ~$1.7M Exploits were ~$22M See more details below 👇 <a href="https://t.co/67mq0ope7w" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/67mq0ope7w</a>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1719323648878600246?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 31, 2023</a>
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Exit scams and rug pulls also accounted for $8 million of the lost funds in October. The biggest exit scam so far this month was the Standard Cross Finance one. The scam started as a gaming project that hired actors to act as developers and executives to steal $1.6 million from investors.
The scammers behind this were allegedly also involved in the Fontoch scam earlier this year, which stole $31.6 million from investors and users.
You might also like: <a href="https://crypto.news/fantom-foundation-hit-by-security-breach-with-657k-stolen-across-networks/" rel="noopener noreferrer nofollow"> Fantom Foundation hit by security breach, $657k stolen across networks </a>
 Flash loan scams accounted for $1.7 million in lost funds this month. In these schemes, malicious actors exploit the features of flash loans—where borrowing and repayment happen in a single transaction. Attackers use these loans to manipulate asset prices or exploit smart contract vulnerabilities, often leaving platforms or users at a financial loss.
The biggest flash loan scam this month was in Platypus DeFi, accounting for $2.2 million in loss. However, more than 80% of the funds were returned.
Read more: <a href="https://crypto.news/platypus-finance-suffers-its-third-hack-in-2023-losses-2m/" rel="noopener noreferrer nofollow"> Platypus Finance suffers its third hack in 2023, losses $2m </a>

Various crypto scams cost users over $32m in October

crypto.news

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