Crypto Phishing Scams Decline in January While Malware Threats Rise

Crypto phishing scams witnessed a massive dip in January this year but another threat is rising. According to Scam Sniffer, malware threats have grown significantly despite a decrease in phishing scams within the crypto sector. They reportedly pose exclusive challenges for the users. The crypto security platform highlighted a 56% dip in phishing scams in January compared to December last year. However, the malware-related extortions have gone through an enormous increase.

Crypto Phishing Scams Drop by 56% as New Threats Emerge

Scam Sniffer mentioned in its January report that, throughout January, the crypto-related phishing scams targeted 9,220. The respective victims reportedly lost a cumulative amount of up to $10.25M during the entire month. This indicates a considerable 56% drop from the losses during December last year. During that month, the victims lost nearly $23.58M in total. Nevertheless, the Scam Sniffer has also pointed toward the newly emerging malware threats that are targeting Web3 users.

The report discloses that irrespective of the big dip in the cumulative stolen funds, scammer are continuously innovating their methods. Hence, among the losses seen in January, the biggest one took place due to the phishing scam dealing with Uniswap Permit2 signature. This resulted in the drainage of $1M. Additionally, the 2nd prominent loss included direct transactions to attackers, valued at $549K. Apart from that, another substantial loss accounted for almost $471K because of a spoof transfer simulation.

Malware Exploiters Use Transfer Simulation Spoofing, False Phantom Pop-Ups and More

The increasing evolution in crypto exploitation has resulted in sophisticated spoofing techniques. Therefore, the market is now witnessing an expansion in the use of malware-based exploits. They take into account transfer simulation spoofing, false phantom pop-ups, and Telegram false safeguard scams. These improving tactics have led to an enormous surge in scams.

Keeping in view these threats, Scam Sniffer advises users to follow the finest practices to avoid scams. In this respect, the users need to carefully verify URLs before any dApp interaction. In addition to this, they should never sign transfers without completely understanding them. Moreover, they also need to utilize cutting-edge security tools to detect the issues and prevent them. Furthermore, staying up to date with the latest developments also assists in tackling the latest emerging threats.