According to data on crypto phishing attacks, ERC20 tokens account for 78% of the total market theft.
With the increasing adoption of cryptocurrencies, there has been a notable surge in the occurrence of crypto fraud attacks within the market.
Nevertheless, the sector has exhibited certain progress throughout February, as the substantial volume of thefts has been brought under significant control.
Crypto Phishing Attacks Steal $47 Million
In February, approximately 57,000 individuals fell victim to crypto phishing schemes, resulting in losses of approximately $47 million, according to the most recent phishing report by ScamSniffer.
Meanwhile, the number of victims incurring losses exceeding $1 million decreased by a substantial 75% in comparison to the previous month of January.
A staggering 78% of the overall thefts occurred on the Ethereum mainnet, where ERC20 tokens emerged as the predominant targets, accounting for 86% of the total.
Phishing signatures—namely Permit, IncreaseAllowance, and Uniswap Permit2—were accountable for the majority of ERC20 token thefts.
Primarily, victims were lured to visit phishing websites through phishing comments posted from impersonated Twitter accounts.
Furthermore, most Wallet Drainers employed Safe or Account Abstraction wallets as token approval spenders to initiate the thefts.
The mentioned discoveries underscore the persistent difficulties presented by crypto scams and highlight the criticality of increased vigilance and security protocols within the crypto community to alleviate these risks.
Crypto Hackers Employ Various Methods to Pilfer
As per the Better Business Bureau (BBB), investment and cryptocurrency frauds have emerged as the most dangerous form of deceit in the United States.
These fraudulent individuals prey on their victims often, causing them to lose tens of thousands of dollars.
Based on 67,000 scam reports, the BBB’s annual report on the largest frauds of 2023 highlights the ingenious methods used by con artists to deceive investors.
With a median loss of $3,800, roughly 80% of Americans who were victims of cryptocurrency and investment fraud suffered financial losses last year.
Meanwhile, the scammers establish communication with victims through various channels, including text messages, video game platforms, and social media, frequently boasting of their financial success due to cryptocurrency investments.
According to the BBB, as soon as the victim responds, the conversation abruptly shifts to a solicitation for monetary assistance.
