August sees $63m lost in crypto phishing despite fewer victims: Scam Sniffer

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Crypto phishing scams in August resulted in significant financial losses, with $63 million stolen from 9,145 victims, according to data from Scam Sniffer. In an X thread on Sept. 3, analysts noted that the figure represents a dramatic 215% increase in stolen funds compared to July, even though the number of victims decreased by 34%.

🚨 [1/7] ScamSniffer’s August Phishing Report
In August, around 9,145 victims lost about $63 million to crypto phishing scams 😱🔒.
While the number of victims dropped by 34% from July, the stolen amount surged by 215%.

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) September 3, 2024

The sharp rise in phishing-related losses is part of a broader trend of escalating cryptocurrency thefts amid market uncertainty. As blockchain security firm PeckShield earlier noted, the crypto ecosystem lost a staggering $313.86 million in over 10 separate hacks in August, with phishing attacks alone accounting for more than $293 million of this total.

According to PeckShield, this graph shows a 18% higher rate of cryptocurrency assets stolen due to fraud compared to last month. The most significant instances involve one large investor losing approximately $238 million in Bitcoin (BTC) through a phishing scam, and another major investor who lost more than $55 million in DAI.

🧵 [3/ In August, it was noticeable to noteworthy that during August, in August, starting from August, August, August, we noticed a substantial decrease of fraudulent accounts on what was once known as Twitter, under the name X. A big round of applause to the X team for their dedication and August! 🌟🎉🙌

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) September 3, 2024

The Scam Sniffer report also highlights a decrease in fake accounts on the social media platform X (formerly Twitter), attributed to recent efforts by the platform to combat fraud. Despite this progress, the growing sophistication of phishing attacks underscores the need for enhanced security measures and user awareness.

Analysts at Scam Sniffer stressed the importance of vigilance in the face of these rising threats, advising users to thoroughly review transactions and stay informed about potential phishing schemes as bad actors come up with new tactics and increasingly sophisticated methods to exploit vulnerabilities.

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2024-09-03 14:30