In October, the cryptocurrency market experienced a rare moment of relief as the total value lost due to hacks and exploits hit its lowest level this year.
Only $18.18 million was stolen in 15 separate incidents, according to data from blockchain security firm Peckshield. This was a significant 85.7% decrease from the $127.06 million recorded in September.
Cryptocurrency hacking hits yearly low despite new risks emerging
The biggest incidents this month occurred at Garden Finance, Typus Finance and Abracadabra, totaling $16.2 million in total stolen funds.
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Garden Finance, Bitcoin’s peer-to-peer protocol, revealed on October 30 that over $10 million in Bitcoin was misused after one of its solvers was compromised.
The breach only affected Solver’s own inventory, and October’s losses rose further in the final hours of the month.
Without the Garden Finance incident, total losses would have remained closer to $7.18 million, the lowest single-month loss since early 2023.
Typus Finance, a yield platform built on Sui, suffered an oracle manipulation attack on October 15th. The exploit drained approximately $3.4 million from the liquidity pool.
Investigators later determined that the attack was caused by a flaw in one of the TLP contracts, which caused the project’s native tokens to decline by approximately 35%.
Around the same time, DeFi lending platform Abracadabra endured its third exploit since its launch. The attack resulted in approximately $1.8 million in losses for the MIM stablecoin as hackers exploited vulnerabilities in smart contracts to bypass solvency checks.
While October’s modest losses suggest the protocol’s security is improving, cybersecurity experts warn that the threat landscape continues to evolve.
Earlier this month, BeInCrypto reported that state-backed groups, specifically hackers associated with North Korea, are experimenting with embedding malicious code directly into blockchain networks. This new tactic can bypass traditional security layers and create new risks for decentralized systems.
Essentially, this new phase of blockchain-focused cyber warfare highlights the sobering reality that while DeFi protocols have strengthened their defenses, threat actors continue to evolve at the same pace.
Therefore, the industry’s best month in 2025 could mark a temporary reprieve rather than the beginning of permanent safety.
