Crypto Scams Reach New Heights in August 2024 📈
August witnessed a surge in crypto-related scams, resulting in a staggering $310 million lost to various exploits, marking it as the second-highest monthly total this year.
Phishing Attacks Lead to Massive Losses 💰
Two significant phishing attacks led to the theft of $238 million in Bitcoin and $55 million in DAI stablecoin, making phishing incidents the most damaging, accounting for approximately $293 million of the total losses.
- Phishing incidents dominate, causing $293 million in losses
- Two major phishing attacks result in $238 million of Bitcoin theft
- An additional $55 million in DAI stablecoin stolen due to phishing
Other Exploits and Losses in August 🕵️♂️
Aside from phishing, other notable losses included attacks on various crypto projects. For example, the Ronin Network, an Ethereum Virtual Machine (EVM)-based sidechain, fell victim to exploitation by a white hat hacker, resulting in the theft of 4,000 ETH valued at $9.85 million at the time.
- White hat hacker exploits Ronin Network, causing $9.85 million in losses
- Flash loan attacks lead to $1.2 million in losses in August
- Exit scams witness significant decline, with losses dropping to $800,000
Illicit Crypto Transactions Decline in 2024 🚫
A recent Chainalysis report showed a decrease in overall illicit cryptocurrency transactions in 2024, despite a surge in specific criminal activities within the sector, notably hacking and ransomware attacks.
- Chainalysis report reveals a drop in illicit crypto transactions in 2024
- Hacking and ransomware attacks on the rise within the crypto sector
- Stolen cryptocurrency value reaches $1.58 billion by July 2024
Cryptocurrency Scammers Targeting Elderly Through ATMs 🧑🦳
Scammers are increasingly using crypto ATMs and kiosks to carry out fraudulent schemes and target unsuspecting victims. In 2023, over 2,000 complaints involving cryptocurrency ATMs and kiosks were filed by individuals over the age of 60 with the FBI’s Internet Crime Complaint Center.
Federal Crackdown on Money Mules and Fraud Rings 🔒
Earlier this year, federal agencies cracked down on nearly 3,000 “money mules” who collect and transfer money on behalf of international fraud rings. These networks have resorted to recruiting college students to collect payments from victims and open fraudulent bank accounts to launder proceeds.
Hot Take: Stay Alert to Avoid Falling Victim to Crypto Scams! 🛡️
As the crypto sector continues to face challenges from scams and fraudulent activities, it’s crucial to stay vigilant and informed to protect your digital assets from malicious actors.
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