Scam Sniffer Reports $55M Stolen

Scam Sniffer’s January Phishing Report has revealed alarming statistics regarding the prevalence and impact of crypto phishing scams across various EVM chains. It includes ,

, Optimism, Arbitrum, Polygon, Avalanche, and more. In just one month, an estimated $55 million was stolen, affecting approximately 40,000 victims. Among them, the top 7 victims collectively lost $17 million, highlighting the seriousness of the issue.

11,000+ Phishing Sites Emerge in January, Targeting Cryptocurrency Users

Phishing attempts increased in January owing to airdrops and project events. Criminals used the excitement surrounding these events to deceive victims. This period saw over 11,000 phishing websites, a significant increase. These websites posed as Manta Network, AltLayer, Dymension, Frame, SatoshiVM, zkSync, Opensea, Optimism, Pyth, and Blast.

Signed ERC20 permit and increased allowance signature alterations are scammers’ main tactic. Scammers stole money by convincing clients to authorize questionable transactions. This emphasizes sense and transaction verification before endorsing.

Strangely, bogus Twitter comments attracted numerous victims. These identities lured users to phishing sites. This strategy emphasizes customers’ reluctance to connect with strangers, especially on social media. These accounts can be protected from phishing by disabling comments.

Another major research finding is that wallet drainers employ Create2 to generate temporary addresses for fraudulent transactions. This ingenious method enabled scammers conceal and avoid discovery. Regardless of the assets stored in users’ wallets, scammers targeted all types of assets indiscriminately.

Scam Sniffer Calls for Innovation in Web3 Security Protocols

These findings affect more than victims’ finances. These vulnerabilities threaten Web3 platform security and durability. These incidents pose new security issues in the world of crypto.

Scam Sniffer stresses the need for Web3 security protocol innovation to fix these concerns. It is important to address new threats and vulnerabilities first in the cryptocurrency industry. As the crypto ecosystem evolves, there must be proactive security measures to protect user funds and community confidence.