Phishing scams continue to plague the cryptocurrency space, with November’s incidents resulting in a staggering $9.38 million in losses, impacting over 9,200 victims. According to recent calculations by blockchain analytics firm ScamSniffer, the largest loss involved a single individual who saw $661,000 in stETH, a utility token representing a share of the total Ethereum staked through the protocol, vanish within minutes.

Phishing Scam Losses in November

While the total stolen amount was down by 53% from October’s $20.2 million and September’s $45.8 million, the victim count remains troublingly high. Several notable incidents include:

  • A $409,000 loss in WBTC on the Arbitrum network
  • A $344,000 loss in FET on Ethereum’s Uniswap platform
  • A $220,000 loss in USDT on Ethereum via direct transfer

Malicious Signature Requests: The Deadliest Weapon

Analysts attribute much of the damage to malicious signature requests, which remain the most effective type of attack. As the phishing threat continues to evolve, new attack methods have emerged, including the Angel Drainer attack, which has followed the exit of the infamous Inferno Drainer scam.

Phishing Attack Trends

Recent data from blockchain security firm CertiK estimates that losses from phishing attacks in Q3 soared to $343.1 million across 65 incidents. Phishing was labeled as the most damaging attack vector for the quarter. The leading causes of phishing incidents include:

  • Fake accounts on social media platforms
  • Dubious Google ads

Phishing remains a significant threat to the cryptocurrency space, with new attack methods and tactics emerging regularly.

To stay safe, it’s essential to be cautious when interacting with unknown websites, social media accounts, and Google ads. Always verify the authenticity of a website or account before providing sensitive information or making transactions.

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