Platypus Finance

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<div class="cryptonews">
 <p class="is-style-lead">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.</p>
 <p>In October alone, more than $32.2 million in user funds have been lost to security incidents and <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> market, according to blockchain <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> CertiK.</p>
 <p>A large part of these incidents were vulnerability exploits, accounting for $22 million of the lost funds. Topping the list was the Fantom Foundation security breach, which alone saw hackers drain $700,000 in funds – mostly from an employee wallet. The hacker today moved the stolen funds into Tornado Cash.</p>
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    <p lang="en" dir="ltr">#CertiKStatsAlert <br><br>Combining all the incidents in October we’ve confirmed ~$32.2M lost to exploits, hacks and scams.<br><br>Exit scams were ~$8M<br><br>Flash loans were ~$1.7M<br><br>Exploits were ~$22M<br><br>See more details below pic.twitter.com/67mq0ope7w</p>— CertiK Alert (@CertiKAlert) October 31, 2023
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 <p>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.</p>
 <p>The scammers behind this were allegedly also involved in the Fontoch scam earlier this year, which stole $31.6 million from investors and <a rel="noopener noreferrer nofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a>.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Fantom Foundation hit by security breach, $657k stolen across networks
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 <p><br>Flash loan <a rel="noopener noreferrer nofollow" title="scams" href="https://thebittimes.com/tag/scams.html">scams</a> accounted for $1.7 million in lost funds this month. In these schemes, malicious actors exploit the <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> 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 <a rel="noopener noreferrer nofollow" title="users" href="https://thebittimes.com/tag/users.html">users</a> at a financial loss.</p>
 <p>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.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Platypus Finance suffers its third hack in 2023, losses $2m
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/various-crypto-scams-cost-users-over-32m-in-october-tbt68619.html">https://thebittimes.com/various-crypto-scams-cost-users-over-32m-in-october-tbt68619.html</a></p>

Various crypto scams cost users over $32m in October

TheBitTimes

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