Phishing scammers have been on the rise in the first half of 2024, making a whopping $314 million across various EVM chains by targeting approximately 260,000 victims. This marks a 6.44% increase compared to the previous year, according to data compiled by Scam Sniffer, a blockchain research firm.
Out of the total amount stolen, around $58 million worth of crypto was drained from just 20 victims, with one unlucky individual losing a staggering $11 million, making them the second-largest theft victim in crypto history. Scam Sniffer reveals that scammers typically exploit phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2 to gain control over victims’ assets without needing further permissions.
The majority of the large thefts involved assets in Staking, Restaking, Aave Collateral, and Pendle tokens, according to Scam Sniffer. Victims are often tricked through phishing comments from fake accounts on various platforms. Once they fall for the scam and visit the phishing site, they are deceived into making what appears to be legitimate transactions from their non-custodial wallets, ultimately leading to unauthorized access to their funds.
In a related development, SlowMist, the parent company of Scam Sniffer, reported freezing around $20.66 million in stolen funds across 13 platforms in the second quarter of the year. The report highlighted private key leaks, phishing attacks, and fraud as significant vulnerabilities in the crypto industry.
On another front, a new threat is emerging in the crypto space as Bitget’s latest report indicates that deepfake-related crypto fraud has resulted in losses exceeding $79.1 billion since 2022, with a staggering 245% increase in 2024 alone. Despite global efforts to address this issue, Bitget warns that quarterly losses from deepfake scams could reach approximately $10 billion by 2025. The exchange also predicts that by the end of 2024, losses from such crimes could reach $25.13 billion.
These alarming statistics emphasize the importance of remaining vigilant and cautious when dealing with crypto assets online. It is crucial for users to be aware of potential scams and to take necessary precautions to safeguard their funds in the ever-evolving landscape of digital finance.
