In September 2024, crypto phishing scams drained $46 million from investors, highlighting the growing threat of cybercrime in the cryptocurrency space.
In September 2024, crypto phishing scams resulted in a staggering loss of $46 million, impacting approximately 10,800 victims. The third quarter of the year saw over $127 million stolen from investors, highlighting the growing threat of phishing attacks in the cryptocurrency space.
Phishing attacks in the cryptocurrency world involve scammers tricking investors into linking their wallets to fraudulent websites. This allows the attackers to withdraw funds without any further authentication. The most common methods include fake accounts on social media platforms and misleading ads on search engines.
The most significant incident occurred on September 28, when a phishing attack utilizing a permit phishing signature drained 12,083 spWETH, amounting to $32.43 million. This incident underscores the sophistication of current phishing tactics and the urgent need for enhanced security measures among investors.
According to Scam Sniffer, the following cryptocurrencies were primarily targeted in phishing scams:
In the broader context, the total losses from all types of crypto hacks in Q3 2024 exceeded $753 million across 155 incidents. This represents a 9.5% increase in financial damage compared to previous quarters. The Ethereum network alone accounted for 86 of these incidents, costing over $387 million.
Given the rising threat of phishing attacks, investors are advised to take the following precautions:
The alarming rise in crypto phishing scams, particularly in September 2024, serves as a wake-up call for investors. With significant financial losses and a growing number of victims, it is crucial for individuals to remain vigilant and adopt best practices to safeguard their assets in the ever-evolving landscape of cryptocurrency.
