Crypto Fraudsters Abscond with Nearly 60 Million from 20 Victims in First Half of 2024 Data Indicates
In the evolving landscape of digital currencies, phishing scammers have continued their lucrative streak, amassing over $300 million from approximately 260,000 unsuspecting individuals across various EVM chains, as reported by the vigilant analysts at Scam Sniffer.
The initial six months of 2024 witnessed a surge in phishing activities, with ill-gotten gains totaling $314 million in cryptocurrency. This represents a significant 6.44% increase from the previous year’s figures, as chronicled by the esteemed blockchain research entity, Scam Sniffer.
Highlighted in a recent report:
– The CEO of CoinStats has disclosed a security breach resulting in a $2 million loss due to an attack on their AWS infrastructure.
Delving deeper into the data, Scam Sniffer unveiled that a staggering $58 million in cryptocurrency was siphoned from just 20 victims. Among them, one unfortunate individual suffered a monumental loss of $11 million, securing an infamous spot as the second-largest single theft in the annals of cryptocurrency.
Scam Sniffer’s investigations reveal that scammers often deploy deceptive tactics, utilizing phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2. These methods cunningly bypass the need for additional permissions, granting the scammers unfettered access to the victims’ assets.
The typical modus operandi involves duping victims via counterfeit comments from fake accounts on various platforms. Once redirected to a fraudulent site, victims are coaxed into executing what appear to be legitimate transactions from their non-custodial wallets, inadvertently granting thieves access to their funds.
In a proactive move, SlowMist, the parent company of Scam Sniffer, reported the successful freezing of roughly $20.66 million in stolen funds across 13 platforms during the second quarter. This action underscores the ongoing threats of private key exposure, phishing, and outright fraud within the sector.
Meanwhile, a novel menace looms over the crypto realm. Bitget’s latest findings indicate that deepfake technology has been instrumental in defrauding individuals of over $79.1 billion since 2022. The year 2024 alone saw a shocking 245% spike in such incidents. Despite concerted global efforts to curb this trend, Bitget cautions that losses attributable to deepfake scams could soar to an estimated $10 billion annually by 2025. Furthermore, Bitget anticipates the total financial damage from these crimes to reach $25.13 billion by the end of 2024.
For further reading:
– A recent exposé reveals that hackers absconded with $176.2 million in cryptocurrency during June alone.
