Originally published on: October 04, 2024
Cryptocurrency investors saw a staggering $127 million disappear in the third quarter of 2024, with a notable $46 million vanishing in September alone. The latest data from Web3 security firm Scam Sniffer revealed that around 10,800 victims fell prey to phishing attacks during the month.
One of the biggest hits came on Sept. 28, when scammers used a permit phishing signature to drain 12,083 spWETH tokens valued at $32.43 million. In these attacks, fraudsters deceive investors into connecting their crypto wallets, like MetaMask, to fake services, enabling them to siphon off digital assets easily.
The report highlighted Ether (ETH) as the primary target of crypto phishing scams, followed by other popular currencies like Polygon (MATIC), Binance Coin (BNB), and Optimism (OP). In total, two major phishing incidents in Q3 racked up losses of $87 million. MistTrack attributed most phishing attacks to clicking on malicious links from phony X accounts, along with Google phishing ads.
With phishing attacks on the rise, investors are advised to scrutinize website URLs and email addresses to verify official communication channels. As total losses from various crypto hacks topped $753 million in Q3 2024, cybersecurity firm CertiK reported an alarming 9.5% surge in financial damage across 155 incidents.
Ethereum network took the hardest hit, with 86 incidents leading to over $387 million in losses. Unfortunately, only 4.1% of the stolen assets were recovered, down from 14.4% in the previous quarter.
While crypto remains a lucrative investment avenue, it’s crucial for investors to remain vigilant against phishing attacks and prioritize security measures to safeguard their digital assets.
