February 2024 Sees Massive Losses to Crypto Scams: Scam Sniffer Report
Web3 anti-scam solution company Scam Sniffer has reported that February 2024 witnessed a staggering $46.86 million loss in cryptocurrencies due to scams. According to their findings, over 57,000 victims fell prey to various phishing scams during this period. However, the number of victims who lost over $1 million decreased by 75% compared to January.
Ethereum mainnet accounts for more than $36.2 million, which is 78% of the total exploits throughout February. Ethereum blockchain users also make up the majority of victims, with 25,029 individuals affected. Notably, there was a single-day loss of over $6.2 million in digital assets on February 15.
Scam Sniffer highlighted that Ethereum-based ERC tokens suffered the most, accounting for $40 million of the stolen assets (86% of the total). The thefts were primarily due to signing phishing signatures such as Permit, IncreaseAllowance, and Uniswap Permit2.
In addition, another report from Immunefi revealed that Ethereum experienced the highest number of individual attacks, representing 85.71% of the total losses across targeted chains.
Major Crypto Scams in February
During February, there were several significant crypto scams that resulted in substantial losses:
PlayDapp Security Breach
The web3 gaming platform PlayDapp suffered a major security breach on February 10, resulting in cumulative losses exceeding $290 million. The exploit was caused by a private-key leak, leading to the unauthorized issuance of PLA tokens.
Hack on FixedFloat
A notorious crypto heist took place on the decentralized exchange FixedFloat, resulting in the loss of 409 Bitcoin (worth approximately $21.3 million) and 1700 ETH (valued at around $4.9 million). FixedFloat attributed the attack to โflawsโ and โinsufficient protectionโ in their infrastructure.
๐ฅ Hot Take: Protect Yourself from Crypto Scams! ๐
Crypto scams continue to pose a significant threat to investors and users in the digital asset space. To safeguard your funds and assets, here are some essential tips:
1. Stay Vigilant
- Remain alert and cautious when dealing with crypto-related activities.
- Be skeptical of unsolicited offers or investment opportunities that promise high returns.
- Always verify the legitimacy of platforms, projects, and individuals before engaging with them.
2. Use Secure Wallets
- Store your cryptocurrencies in secure wallets that offer robust security features.
- Choose wallets that utilize strong encryption and multi-factor authentication.
- Avoid keeping large amounts of funds on exchanges or online platforms.
3. Enable Two-Factor Authentication (2FA)
- Enable 2FA for all your crypto-related accounts, including exchanges and wallets.
- This adds an extra layer of security by requiring a second form of verification during login.
- Use authenticator apps or hardware tokens for enhanced protection.
4. Be Wary of Phishing Attempts
- Beware of phishing attempts that try to trick you into revealing your private keys or login credentials.
- Double-check website URLs and ensure they are secure (https://) before entering sensitive information.
- Avoid clicking on suspicious links or downloading files from untrusted sources.
5. Educate Yourself
- Stay updated on the latest scams, hacking techniques, and security best practices in the crypto industry.
- Join reputable communities and forums to learn from experienced users and share insights.
- Invest in your knowledge and understanding of cryptocurrencies to make informed decisions.
By following these precautions, you can significantly reduce the risk of falling victim to crypto scams and protect your hard-earned assets. Stay safe in the digital asset landscape!
Wyatt Newson emerges as a luminary seamlessly interweaving the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the dynamic canvas of digital currencies, Wyatt’s insights resonate like vibrant brushstrokes, capturing the attention of curious minds across diverse landscapes. His ability to untangle intricate threads of crypto intricacies harmonizes effortlessly with his editorial mastery, transmuting complexity into a compelling narrative of comprehension.