The first half of 2024 saw an increase in cryptocurrency scammers. The total value of cryptocurrencies stolen through fraud was US$314 million, an increase of 6.44% over the same period last year. This represents a worrying trend in the industry, as unscrupulous actors persist in exploiting users’ vulnerabilities for financial profit.
Detailed Insights into Cryptocurrency Scammers’ Strategies
Scam sniffer Data shows that phishing scams have proven to be extremely profitable, with scammers making more than $300 million across various EVM chains. Some 260,000 people were targeted by these scams, underscoring the widespread nature of the problem.
Scam Sniffer’s stats are shown in their latest tweet. Source:X
In shocking statistics, scammers swindled approximately $58 million from just 20 victims. Victims alone lost $11 million, one of the largest personal losses in history crypto theft. Scam Sniffer attributes these incidents to the use of phishing techniques involving signatures such as Permit, IncreaseAllowance, and Uniswap Permit2. These methods allow the scammer to take control of the victim’s assets without requiring further permission.
Victims are often lured by phishing comments on social media platforms and forums, leading them to malicious websites where they inadvertently execute transactions from non-custodial wallets. This method allows scammers to take control of victims’ funds by exploiting their trust and lack of awareness of security risks.
In response to these escalating threats, efforts to combat cryptocurrency fraud continue to intensify. slow fogScam Sniffer’s parent company reported freezing approximately $20.66 million in stolen funds across multiple platforms in the second quarter alone. This highlights the ongoing battle against leaked private keys, phishing and other forms of fraud plaguing the industry.
New research from Bitget shows that deepfake-related cryptocurrency fraud has increased, with more than $79.1 billion lost since 2022, further compounding the problem. .
final thoughts
While the cryptocurrency industry provides opportunities for innovation, there is always the risk of fraud, especially from cryptocurrency scammers. As stakeholders work to improve security processes and increase user awareness, staying vigilant and taking proactive measures is critical to protecting assets in this rapidly changing digital ecosystem.
