As a seasoned crypto investor with several years under my belt, I’ve seen the highs and lows of this volatile market. I’ve learned to navigate its complexities, but one thing that never ceases to frustrate me is the constant threat of scams. The recent losses reported by ScamSniffer are a grim reminder of the ever-evolving tactics these cybercriminals employ.
A significant amount of more than 9.38 million dollars was lost across various cryptocurrencies within the broader digital currency landscape. This loss occurred due to hacking incidents, fraudulent activities, and phishing scams. Approximately 10,000 users are reported to have been targeted by these attacks, based on data from ScamSniffer.
Scammers Evolve with New Tactics
As a researcher, I recently came across an interesting post from December 3, where the blockchain analytics platform highlighted that approximately 9,200 users suffered losses due to crypto scams. One individual reported the highest single loss, amounting to $661,000 in stETH. For those unaware, stETH is a utility token that stands for a share of the total value locked in Ethereum. As of now, ETH has a 24-hour volatility of 0.2% and boasts a market cap of $433.95 billion, with a 24-hour trading volume of $40.74 billion. This staked Ethereum is held through the protocol.
The attacks incurred losses of $409,000 (WBTC) and $344,000 (FET) on the Arbitrum network and Ethereum’s Uniswap platform respectively. Additionally, there was a loss of $220,000 in USDT through a direct transfer on Ethereum.
🧵 [1/7] 🚨 ScamSniffer November Phishing Report
$9,380,000 STOLEN9,208 VICTIMS
In the span of mere minutes last November, a single individual suffered a loss of approximately $661,000 worth of stETH, with this unfortunate incident being only a small part of a much larger problem.
Let’s dive into the dark side of Web3… 🧵
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) December 3, 2024
Based on an examination, certain experts determined that the security incident occurred due to harm inflicted on a malicious signature. They view this kind of assault as particularly destructive, labeling it “the most lethal weapon”.
Contrasting October’s significant crypto market losses worth approximately $20.2 million, the present figure represents a decline of about 53%.
Despite efforts to address the issue, a significant number of users continue to be impacted, causing concern among investors who seek assurance about the security of their investments. In September alone, cryptocurrency losses reached a staggering $46 million. ScamSniffer has observed that these deceitful actors are becoming increasingly cunning in their tactics.
As blockchain security companies and law enforcement work on strategies to apprehend cybercriminals, these digital outlaws continue to innovate their methods. In ScamSniffer’s view, fraudulent accounts on platform X lead the pack as prime origins for phishing attempts. Furthermore, questionable Google advertisements that divert users towards scam websites are also high on the list of concerns.
More Strategies for Crypto Scams
About a month back, it was reported by Coinspeaker that con artists frequently impersonate renowned individuals to lure people into their schemes. They often gain access to their social media accounts or create ones resembling the original. On rare occasions, they spread false news to deceive users. An occurrence of this sort took place in India a few weeks ago.
It turned out that some false information spread claiming the son of Indian billionaire Anant Ambani supported an investment platform for cryptocurrency called Everix Edge. The creators even fabricated a news article that was said to be written by former BBC journalist Jane Wakefield, but upon examination, it was found that no such article from Wakefield existed on BBC.
Lately, the blockchain analysis firm CertiK reported that the losses from phishing scams and cyberattacks in Q3 reached a staggering $343.1 million across 65 separate instances. Agencies like the Federal Bureau of Investigation (FBI) are actively working to minimize these types of occurrences.
During the middle of November, authorities in South Korea apprehended several individuals who were part of a crypto investment fraud scheme, earning them approximately $230 million.
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2024-12-03 15:39