$1.28 Million Lost From Crypto Phishing Attacks in Less Than 2 Hours

In the course of a recent phishing crypto attack, victims have altogether stood to lose $1.28 million in slightly less than two hours. The deadly rise of such scams has grabbed cybersecurity experts’ attention, and anti-web3 scam alerts, such as Scam Sniffer, have alerted the crypto community of the latest attacks.

The investigation disclosed that one user became a victim of a phishing attack yesterday, which caused the loss of $BEAM tokens worth $787,242. Furthermore, the other victim has also lost the amount of $389,154 of $STONE tokens within just a few hours. These hacker cases show us the gravity of the danger involved in the trade of crypto as the phishing attacks get worse.

Uplifting Conclusions From the Phishing Report

The ScamSniffer report of February indicated that 57 thousand victims had suffered almost 47 million in one month alone from these phishing scams. Despite the decreasing tendency, the number of victims who reported the same loss of more than a million decreased by 75% compared to January.

The world of Ethereum mainnet has become the hottest spot for phishing attacks which are responsible for the largest amount of the total theft volume, more than 78%. For instance, 86% of the funds (i.e. ERC20 tokens) that got stolen are the Ethereum tokens particularly. The well-known phishing signatures used by hackers to gain unauthorized access to victims’ assets included qualities like allow, seed, bounty, permit, IncreaseAllowance, and Uniswap Permit2.

Also Read: Munchables Insider Steals $62.5 Million, Then Returns It in Bizzare Web3 Heist

Tactics Employed by Cybercriminals

Twitter impersonation tactics are often used by hackers who exploit the same evasion techniques. Several phishing websites initiated by impersonated Twitter accounts (the ones with false identities) have been used to exploit user’s trust in social media, thus tricking them into falling victims. There are other scam techniques, such as wallet drainers, including doctored or imitated wallet and approver tokens, which make it easy for criminals to run phishing attacks.

A sharp rise in the number of phishing attacks leaves users at risk of losing their digital assets. As the latest news shows, $104 million in crypto was lost to phishing within the first two months of this year. Users must hence be alert all the time and take comprehensive security measures to prevent them from becoming victim of phishing schemes.

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