Phishing Scam Steals $58 Million in Crypto from Thousands of Users
A recent phishing scam has successfully stolen $58 million in cryptocurrency from thousands of users over the past nine months. The scam was discovered by the anti-scam platform Web3 Scam Sniffer, which revealed that over 63,000 people were affected by the fraud. The scam involved phishing campaigns on Google and social media, resulting in the loss of millions of dollars’ worth of crypto. The scam was attributed to a “wallet drainer” who used regional targeting tactics and page switching to evade ad audits. The phishing ads appeared legitimate by disguising links as official domains.
Sophisticated Hack Targets NFT Trader Platform
There has been an increase in reports of sophisticated cryptocurrency scams recently. One notable incident involved the peer-to-peer trading platform NFT Trader, which was targeted by advanced hackers resulting in the theft of millions of dollars’ worth of high-value non-fungible tokens (NFTs). The hackers exploited old smart contracts as an entry point for the attack. NFT Trader has advised users to revoke previously granted permissions to these smart contracts. The main attacker even left a public message on the blockchain, claiming that the attack was aimed at “collecting leftover garbage” and offering to return the tokens in exchange for a ransom.
Cryptocurrency Theft Decreases in 2023
Despite the increase in sophisticated crypto scams, there has been a significant decrease in cryptocurrency thefts in 2023 compared to previous years. In November 2023 alone, thefts reached a total of $2.38 billion, marking a decrease of over 40% compared to the previous year. This decrease has brought optimism regarding ending the year with fewer incidents than the $3.80 billion stolen in 2022.
Ethereum and Other Networks Targeted by Hackers
Ethereum continues to be the main target of hacker attacks in the cryptocurrency landscape. Approximately 38% of the total volume of crypto attacks has been directed towards Ethereum. Other networks such as Mixin, Tron, Base, Arbitrum, and Avalanche have also faced similar challenges. The third quarter of 2023 saw the highest number of thefts, accounting for 24% of the annual incidents. Notable breaches occurred in networks like Mixin, Multichain, CoinEx, and Stake.com. Safety and trust are crucial factors in the decentralized finance (DeFi) landscape.
Hot Take: Trust and Safety Are Key in the Crypto World
The increasing sophistication of crypto scams and the targeting of major networks highlight the importance of trust and safety in the cryptocurrency world. As more users participate in decentralized finance platforms, ensuring their safety becomes essential to building trust. Safeguarding against phishing scams and advanced hacking techniques is crucial for the long-term success and adoption of cryptocurrencies. The industry must continue to prioritize security measures and educate users on best practices to protect their assets.
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