Crypto scammers stole nearly $60m from 20 victims in H1 2024, data shows

As an experienced analyst in the field of blockchain security and cryptocurrency fraud, I find the latest reports from Scam Sniffer and Bitget alarming and concerning. The data compiled by Scam Sniffer reveals that phishing scammers have made over $300 million across EVM chains by targeting around 260,000 victims in just the first half of 2024. This represents a significant increase from the $295 million stolen in all of 2023 and underscores the need for heightened vigilance and awareness in the crypto community.

As a crypto investor, I’ve come to realize that phishing scammers have managed to swindle an astonishing $300 million from approximately 260,000 unsuspecting victims across EVM chains, according to the data gathered by Scam Sniffer.

In the initial half of 2024, phishing scammers experienced substantial profits, having swindled an estimated $314 million in cryptocurrency. This represents a noteworthy rise of 6.44% compared to the total amount stolen in 2023, based on findings from blockchain research firm Scam Sniffer.

As a researcher studying the trends in cryptocurrency phishing attacks, I’ve uncovered some alarming numbers. In the first half of 2024, a staggering 260,000 victims fell prey to these malicious schemes, resulting in a massive loss of $314 million across various EVM chains. Shockingly, no less than twenty individuals suffered losses exceeding one million dollars each, amounting to a significant sum of $58 million. This is an increase from the $295 million stolen during the same period last year, which was reached in a full twelve months. The rate at which these attacks are escalating is truly concerning.

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) July 5, 2024

As a financial analyst, I’ve come across a disturbing thread in the crypto community where a firm reported that approximately $58 million in cryptocurrency was stolen from 20 victims. One unfortunate individual lost a substantial amount, totaling $11 million, making this person the second-largest known victim of such a theft in the history of crypto. Scam Sniffer, a reliable source, has identified that scammers often use phishing techniques to deceive their targets. Specifically, they focus on signatures like “Permit,” “IncreaseAllowance,” and “Uniswap Permit2.” By exploiting these signatures, the criminals can seize control of their victims’ assets without requiring any additional authorization.

“Approximately all major thefts occurred around assets in Staking, Re-staking, Aave Collateral, and Pendle tokens according to Scam Sniffer.”

Individuals can fall prey to fraudulent schemes when they’re enticed by deceptive messages from fake accounts on platform X. After being drawn in, they unwittingly transfer funds from their external wallets to these malicious sites, leading to unauthorized access and potential financial loss.

In the first half of July, SlowMist, the mother corporation of Scam Sniffer, announced freezing around $20.66 million worth of stolen funds across thirteen different platforms during the second quarter. This incident underscores private key leaks, phishing scams, and fraud as significant risks plaguing the industry.

Recently, Bitget’s report unveiled a concerning development in the crypto sphere as deepfake-related fraud in cryptocurrencies resulted in over $79.1 billion in damages since 2022. This represents an alarming surge of 245% in 2024. Although international initiatives aim to tackle this problem, quarterly losses due to deepfakes could amount to approximately $10 billion by 2025, according to Bitget’s estimation. The exchange anticipates that the total losses from these malicious activities in 2024 will reach an astounding $25.13 billion.

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2024-07-05 11:16