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Phishing Attacks Have Led to Over $100M in Losses in Q1 2024: Report

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  • Data from security firm Scam Sniffer reveal that over the first two months of 2024, an estimated 97,000 users fell victim to crypto phishing scams.
  • The scams resulted in staggering losses totaling $104 million.
  • The losses were distributed with $57.7 million reported in January and $46.8 million in February.

Cryptocurrency users continue to face significant threats from phishing scams, with data from security firm Scam Sniffer revealing that over the first two months of this year, an estimated 97,000 users fell victim to such incidents, resulting in staggering losses totaling $104 million.

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Details of the Losses

According to Scam Sniffer’s analysis shared through a thread on X (formerly Twitter), the losses were distributed with $57.7 million reported in January and $46.8 million in February. Ethereum users bore the brunt of these attacks, accounting for $78 million of the total losses. Attackers primarily targeted users’ assets, including ether and ERC20 tokens.

The modus operandi of these phishing attacks often involves tricking victims into authorizing malicious signatures, such as “ERC20 Permit” and “increaseAllowance,” which grant unauthorized access to the victims’ funds. Even a single inadvertent authorization of such a signature can lead to the complete loss of assets stored within a wallet.

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Common Scam Tactics and MOs

Scam Sniffer’s analysis also revealed the tactics used by cybercriminals to lure victims, with a significant number being enticed through deceptive comments on social media platforms, particularly X. These comments, impersonating legitimate accounts, aim to redirect users to malicious sites where their assets are compromised.

Highlighting the severity of the situation, a spokesperson for Scam Sniffer noted, “Most victims were lured to phishing websites through deceptive comments made by impersonated Twitter accounts.”

The $104 million in losses over the first two months of 2024 adds to the cumulative losses incurred by users due to cryptocurrency phishing attacks, which amounted to $300 million throughout the entirety of 2023.

As phishing incidents persist as a significant threat to cryptocurrency users, security experts emphasize the importance of remaining vigilant and adopting robust security measures to safeguard against such attacks. Awareness of phishing tactics, skepticism towards unsolicited messages, and the use of hardware wallets are among the recommended precautions to mitigate the risks associated with cryptocurrency transactions in an increasingly hostile digital landscape.

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