Cryptocurrency Phishing Fraud: Victims Lose $43 Million in September

In September, more than 10,000 cryptocurrency users collectively lost $43 million to phishing fraud. This is evident from data from Scam Sniffer.

Although the total amount is lower than August’s $63 million, the number of victims has risen to 10,805, an increase of 18% from the 9,145 reported in August. This points to a growing risk for digital currency users.

Notable incident: Loss of 12,083 spWETH tokens

One notable case involved a user who lost 12,083 spWETH tokens to a malicious signature, giving hackers control of his assets. Phishing attacks remain a major threat to cryptocurrency investors.

$127 million stolen in Q3 2023

Criminals raked in $127 million through phishing in the third quarter of 2023, targeting around 11,000 users per month. Two major attacks accounted for $87 million of this total. Scam Sniffer identified fake accounts on X (formerly Twitter) as the most common method used to lure victims to phishing sites. Fake Google ads were also a common tactic.

Phishing responsible for $343.1 million in losses

Blockchain analytics firm CertiK reported that phishing was the most damaging form of cybercrime in the third quarter, with $343.1 million in losses across 65 incidents. Additionally, private key compromise resulted in $324.4 million in losses in just ten incidents. A total of $753.1 million was stolen through cyber attacks on crypto platforms in Q3.

Ethereum platforms hit hardest

Ethereum-based platforms were the hardest hit, with $387.9 million in assets stolen in 86 incidents. As crypto fraud becomes more sophisticated, users are urged to be extra cautious and carefully review each transaction.

Centralized exchanges lose millions due to hacks

Hacking attacks on crypto exchanges caused $120 million in losses in September. Centralized crypto exchanges such as WazirX and BingX were particularly hard hit, accounting for 61.76% of the losses.

Users warn of increasing crypto fraud

Cryptocurrency fraud continues to grow and evolve, making it crucial that users remain vigilant and properly protect their digital assets against criminals’ ever-changing tactics.