Phishing scammers made over $300 million across EVM chains by targeting around 260,000 victims, data compiled by Scam Sniffer shows.
The first half of 2024 was a profitable period for phishing scammers as they stole $314 million worth of crypto, marking a 6.44% increase compared to 2023, according to data gathered by blockchain research firm Scam Sniffer.
In H1 2024, 260k victims lost $314M across EVM chains. Twenty people lost over $1M each, totaling $58M. Compared to $295M stolen last year, this year hit that in just six months!
The firm detailed that out of the sum, around $58 million worth of crypto was drained from 20 victims alone, with one victim losing $11 million, becoming the second-largest theft victim in crypto history. Scam Sniffer says scammers typically target victims by exploiting phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2, which allow them to gain control over the victimβs assets without further permissions.
βMost of the large thefts involved assets in Staking, Restaking, Aave Collateral, and Pendle tokens.β
Victims are often lured through phishing comments from impersonated accounts on social media platforms. Once on the phishing site, they are tricked into making seemingly legitimate transactions from their non-custodial wallets, resulting in unauthorized fund access.
Earlier in July, Scam Snifferβs parent company SlowMist reported freezing approximately $20.66 million in stolen funds across 13 platforms in Q2, highlighting private key leakage, phishing, and fraud as major vulnerabilities in the industry.
In the meantime, a new threat seems to be emerging in the crypto space as recent reports indicate that deepfake-related crypto fraud has led to losses exceeding $79.1 billion since 2022, with a 245% increase in 2024 alone. Despite international efforts to combat this issue, quarterly losses from deepfake use could reach around $10 billion by 2025. Predictions suggest that 2024 will likely conclude with $25.13 billion in losses from such crimes.
Stay informed about the latest trends and updates in the world of cryptocurrencies, investing, and finance. Visit Global Crypto News for more news and insights.