InsurAce: October Sets Record for Crypto Hacks With Over $700M Lost

The $500 million BNB Chain Bridge hack “highlighted” the record-breaking month, which included other multimillion-dollar exploits, according to InsurAce.

BNB Bridge Exploit Drives Numbers

The month of October saw crypto users experience a new record of hacked funds. The total for hacked funds rose over 430% from September, resulting in $718 million of lost funds.

The team behind InsurAce released their monthly Hacks Report for October on Nov. 2, detailing the hacks discovered across the crypto industry. The report outlines 39 price manipulations, smart contract vulnerabilities, rug pulls, and more.

Some of the hacks were as small as $50,000, but the BNB Chain Bridge exploit of 2 million BNB (over $500 million) was the most devastating of the month.

“There were a series of hacks worth over $100m, but the $570 million BNB Chain exploit was by far the most high-profile one,” according to the report. “Both in terms of the sophisticated attack and the timely response of the Chang Peng Zhao-led [sic] Binance security team.”

Other notable hacks included a Mango Markets hack of $117 million , a rug pull at Freeway of $100 million, and several others in the millions of dollars.


To read the full report, check it out here.

What is InsurAce:

InsurAce is a decentralized multi-chain insurance protocol that provides reliable, robust, and secure insurance services, ensuring that users’ investment funds are secured against various risks. Users can enjoy low cover premiums, cross-chain coverage, multi-chain accessibility, and sustainable investment opportunities with InsurAce. The protocol currently offers insurance services to over dozens of projects, Centralized exchanges (CEXes), and IDO platforms. It also supports numerous blockchains like Ethereum, BNB Chain, Solana, Fantom, Terra, Thorchain, Heco, and Polygon.

Where to find InsurAce:

Website | Telegram | Discord | Twitter | Medium |

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