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In October 2024, the cryptocurrency sector faced significant security challenges, with reported losses totaling approximately $129 million due to various hacks and scams. Major incidents included a $50 million loss at Radiant Capital and a $13.7 million breach at M2 Exchange. Additionally, phishing scams resulted in about 12,000 victims losing $20.2 million, marking a 56% decrease in stolen funds compared to the previous month, despite a 20% increase in the number of victims. Overall, the total losses from crypto hacks have now surpassed $9 billion since the start of the year, highlighting ongoing vulnerabilities in the decentralized finance (DeFi) space.
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