As a seasoned analyst with years of experience in the ever-evolving world of cryptocurrencies, I find myself both encouraged and concerned by the latest phishing report from Scam Sniffer. On one hand, it’s heartening to see a decrease in funds lost to these nefarious scams, indicating that awareness and education efforts might be bearing fruit. However, the increase in the number of victims is a stark reminder that we still have a long way to go.
In September, the amount of money stolen through cryptocurrency phishing schemes decreased. Approximately 10,805 individuals collectively lost around $46 million.
According to data from Scam Sniffer, there was a significant decrease in the amount of cryptocurrency funds stolen via phishing attacks in September compared to the previous month. However, the number of affected individuals actually went up. In a post on October 4th, Scam Sniffer reported that approximately $46.7 million was taken from 10,805 victims, which is lower than the $63 million lost in August.
⏰ September Phishing Alert Report
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) October 4, 2024
In September, most losses were incurred due to a single person who endorsed a fraudulent permit and forfeited 12,083 spWETH. This type of scheme is commonly known as an “approval phishing scam.” It works by deceiving victims, often through false applications, into authorizing a malicious blockchain transaction that allows the perpetrators to seize control of the victim’s assets.
In addition, Scam Sniffer analysts pointed out that during Q3, scammers successfully amassed approximately $127 million in cryptocurrency by targeting an average of around 11,000 victims each month. Strikingly, two specific victims suffered losses totaling $87 million in the third quarter of 2024.
According to a recent report by blockchain security company CertiK, published on October 3rd, it’s estimated that phishing attacks resulted in losses totaling $343.1 million during the third quarter, spread across 65 separate incidents. This type of attack was identified as the most harmful for the quarter. Additionally, analytics firm Chainalysis reported that a staggering $2.7 billion has been lost due to these scams since the beginning of 2021.
X remains the leading platform for phishing scammers
In the process, Scam Sniffer noted that false accounts X were primarily responsible for users being directed towards deceptive phishing sites. Suspicious Google advertisements were the second most frequent lure.
In the world of cryptocurrency, deceptive accounts posing as genuine projects and influential figures have been a persistent issue, leading users to click on harmful links since the beginning. As recent as January, it was discovered by cybersecurity firm SlowMist that about 80% of comments beneath posts from well-known crypto projects were actually scams.
In its August analysis, Scam Sniffer noted a significant decrease in suspicious accounts on X, praising the diligence of the social media team in fighting fraud. However, this Elon Musk-owned platform has continued to serve as a breeding ground for scams, and recently, several prominent accounts have been hacked to perpetrate complex phishing schemes.
Recently, an attack occurred on the press account of ChatGPT’s developer, OpenAI. This attack disguised itself as a phishing scam for a non-existent token called OPENAI, under the pretense of an airdrop. In the past, a similar incident happened to Decentraland, a project centered around virtual reality.
As a diligent researcher, I urge everyone to exercise caution when navigating the web, carefully inspecting each link clicked. It’s crucial to remain vigilant, as ever-evolving phishing tactics demand constant awareness and education about these deceptive practices.
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2024-10-04 13:50