Large Number of Crypto Phishing Attacks Drops 75% by February 2024

Liputan6.com, Jakarta As the cryptocurrency market continues to see increased adoption, there has also been a surge in crypto phishing attacks occurring in the market. However, the industry has shown some progress over the past February with the number of major thefts being brought under significant control.

According to the latest phishing report by ScamSniffer, around 57K people fell victim to crypto phishing scams in February 2024. That resulted in a total loss of around USD 47 million. Compared with January 2024, the number of victims who lost more than USD 1 million decreased by 75%.

Launch Coingape, Monday (11/3/2024), Mainnet Ethereum accounted for 78% of the total theft. ERC20 tokens were the main assets stolen, accounting for 86% of the total theft. The majority of ERC20 token theft occurs due to the signature or approval of several things such as Permit, Increase Allowance, and Uniswap Permit.

Phishing comments from Twitter accounts that duplicate identities are the primary method used to lure victims to phishing websites. Additionally, most perpetrators initiate the theft using a secure wallet or account abstraction as a token consent shopper.

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

According to the Better Business Bureau (BBB), cryptocurrency and investment fraud have become the most dangerous types of fraud in the United States. These scammers often exploit their victims, defrauding them out of thousands of dollars.