Crypto Phishing Scams on the Rise: February Report

February saw a surge in crypto phishing scams, resulting in a total loss of $46.8 million across 57,000 incidents, as per a report by Scam Sniffer.

The scams primarily targeted users through fake accounts on social media platform X, using phishing comments from impersonated Twitter accounts to direct victims to malicious websites.

Key Highlights from the Report:

In February, about 57,000 victims lost approximately $47 million to crypto phishing scams.

78% of the stolen funds were from the Ethereum mainnet, with ERC-20 tokens being the most targeted assets, accounting for 86% of the thefts.

Many victims unknowingly authorized malicious phishing signatures like “ERC20 Permit” and “increaseAllowance,” giving attackers access to their funds and resulting in complete loss of assets.

Attackers also employed a new method using account abstraction wallets as token approval spenders, introducing a new vulnerability to Ethereum wallets.

Despite the high number of incidents, there was a decrease in the total amount of stolen funds compared to January, with fewer victims losing over $1 million.

Scammers often pose as high-profile individuals or entities on social media to distribute phishing links, with over 80% of comments on prominent projects’ X posts linked to phishing attempts.

Stay Informed:

It is crucial to remain vigilant against phishing scams in the crypto space. Make sure to verify the authenticity of any links or requests before providing any personal information or authorizing transactions.

For more updates on crypto news and security measures, explore the latest articles on Global Crypto News.