Crypto Phishing Attacks Over $1 Million See A Drop of 75% In February

With the increasing adoption of cryptocurrencies, the market has witnessed a rise in crypto phishing attacks. Nonetheless, developments within the industry during February indicate progress, with notable decreases in the occurrence of large-scale thefts, signifying improved control over security concerns.

Crypto Phishing Attacks Steal $47 Million

According to the latest phishing report by ScamSniffer for the month of February, approximately 57,000 individuals fell victim to crypto phishing scams, resulting in losses totaling around $47 million.

Compared to the previous month of January, the number of victims losing over $1 million decreased by a significant 75%.

🚨 [1/6] ScamSniffer's February Phishing Report
In February, about 57,000 victims lost approximately $47 million to crypto phishing scams.
Compared to January, the number of victims who lost over $1 million decreased by 75%. pic.twitter.com/UgZk0K91lH

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) March 10, 2024

The Ethereum mainnet accounted for a staggering 78% of the total thefts, with ERC20 tokens being the primary assets stolen, comprising 86% of the total. The majority of ERC20 token thefts occurred due to phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.

Phishing comments from impersonated Twitter accounts were the primary method used to lure victims to phishing websites. Additionally, most Wallet Drainers initiated the thefts using Safe or Account Abstraction wallets as token approval spenders.

These findings highlight the ongoing challenges posed by crypto phishing scams and emphasize the importance of heightened vigilance and security measures within the crypto community to mitigate such risks.

Crypto Hackers Use Different Ways to Steal

According to the Better Business Bureau (BBB), cryptocurrency and investment scams have become the most perilous type of deception in the United States. These fraudsters frequently exploit victims, swindling them out of thousands of dollars.

The BBB’s annual report on the largest scams of 2023, based on 67,000 scam reports, highlights the inventive methods scammers employ to deceive investors. Last year, approximately 80% of Americans targeted by crypto and investment scams suffered financial losses, with a median loss of $3,800.

Scammers utilize various channels such as social media, video game platforms, or text messages to initiate contact with individuals, often boasting about their financial success due to crypto investments. Once the victim responds, the conversation swiftly transitions into a request for money, as explained by the BBB.