Crypto Security Incidents October 2024 Report: Attacks Rise, Losses Drop to $2.6M

In October 2024, CertiK Alerts, a leading cybersecurity firm, reported a rise in crypto security incidents, excluding phishing attacks. However, the financial damages were surprisingly low, totaling just $2.6 million—this was the lowest amount recorded so far this year.

While security incidents were higher than usual, exceeding the monthly average of 40 breaches in 2024, the overall financial losses were minimal. The $2.6 million in damages represents a sharp decline from previous months, suggesting a change in the nature of these attacks.

Vulnerabilities Become the Key Actors

Of these threaded incidents, slightly over 17 were attributed to code weakness, which is way above the once-per-month figure. Although there was an increased risk of vulnerability exploitation, there were fewer cases of loss that equalled or exceeded $1 million. 

This pattern is different from earlier months, when vulnerabilities often led to significant financial losses. It could indicate that attackers are either unable to exploit these weaknesses as effectively or have shifted their focus to smaller, less valuable targets.

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Urgent Need for Stronger Security Practices

Although the drop in losses is encouraging, the rise in vulnerability-related incidents highlights ongoing risks for the crypto industry. As 2024 draws to a close, crypto exchanges, DeFi platforms, and investors must remain cautious, as hackers continue to target the sector.

Prevention is Key

To protect against future breaches, the crypto industry needs to focus on improving security practices. Regular code audits, timely vulnerability checks, and proactive risk management can help reduce the frequency of incidents and keep financial losses low.

Despite the challenges, the future of crypto remains bright. By learning from past mistakes and embracing innovative security solutions, we can shape a safer and more prosperous future for the industry.