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The crypto losses in October amounted to $51.6 million, an 85% decrease compared to September 2023. 
The crypto market in October 2023 suffered over 23 security incidents, such as hacker attacks, phishing scams, and rug pulls, resulting in a total loss of more than $51.6 million worth of crypto, blockchain firm Beosin revealed in a <a href="https://www.beosin.com/resources/blockchain-security-recap-of-october-5161m-lost-in-attack?lang=en-US" target="_blank" rel="noreferrer noopener">recent report</a>. 
According to the firm, despite the multi-million losses, October saw an 85.6% decrease in stolen funds compared to September 2023. Most funds were stolen due to hacker attacks, accounting for approximately $28.3, followed by rug pull incidents with $12 million in lost funds. Phishing scams resulted in about $11.2 million in losses, Beosin added. 
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As <a href="https://crypto.news/various-crypto-scams-cost-users-over-32m-in-october/" target="_blank" rel="noreferrer noopener">noted</a> by another analytic blockchain firm, CertiK, the largest hack attack in October targeted the Fantom Foundation wallet, which lost around $7 million worth of crypto. Beosin emphasized that incidents related to the Fantom Foundation, Coins.ph, and LostPass had one thing in common: private key compromise. 
In total, the crypto industry lost nearly $890 million to hacks, scams, and rug pulls in Q3, 2023. As Beosin analysts <a href="https://crypto.news/crypto-scammers-and-hackers-stole-889m-in-q3-2023/" target="_blank" rel="noreferrer noopener">earlier noted</a>, over $540.16 million were lost in 43 cyber-attacks per Q3, with almost $283 million and more than $66 million lost in 81 rug pulls and phishing scams, respectively. 
 Read more: <a href="https://crypto.news/coinbase-reveals-reasons-behind-recent-bridge-hacks-in-crypto/"> Coinbase reveals reasons behind recent bridge hacks in crypto </a>

Crypto losses decreased by 85% in October 2023

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