In February, over 57,000 individuals fell prey to crypto phishing scams, losing a staggering $46.8 million, as per Scam Sniffer’s latest report.
In the first two months of this year, approximately 97,000 users succumbed to phishing attacks, leading to substantial losses totaling $104 million. Specifically, $57.7 million was lost in January, followed by an additional $46.8 million in February.
Fake accounts on popular social media platform X were identified as the primary culprits, with most victims enticed by phishing comments from impersonated Twitter accounts. Ethereum mainnet witnessed 78% of total thefts, predominantly targeting ERC-20 tokens (86% of assets stolen).
Notably, scammers exploited users’ actions like signing phishing signatures and approving transactions. Account abstraction wallets, enhancing functionality and compatibility, became the preferred tool for wallet drainers.
Despite a higher number of victims compared to January, February marked a reduction in the total stolen amount, along with a decline in victims losing over $1 million.
High-profile figures, including MicroStrategy, Compound Finance, Rocket Pool, Blockchain Capital, and Vitalik Buterin, saw their accounts hacked, resulting in substantial losses.
This alarming trend aligns with a rising preference among scammers for ‘approval phishing’ techniques, manipulating victims into signing transactions that grant unauthorized access to wallets.
An FBI report highlighted millennials as the most susceptible group to investment fraud. Stay vigilant to protect yourself from evolving crypto scams.
Also Read: WOOFi Lost $8 Million in Hack on Its Arbitrum Lending Market
