Crypto phishing scammers targeted over 10,000 victims in September

Over 10,000 victims lost a combined $43 million to cryptocurrency phishing scams in September.

According to recent data from Scam Sniffer, a total of $46.69 million was stolen from 10,805 individuals in phishing-related attacks in September, marking a decrease from the $63 million lost in August.

However, the number of victims grew from the 9,145 reported in August, showing an increase in the scale of attacks.

One notable incident involved a single user losing 12,083 spWETH tokens after signing a malicious permit, which transferred control of their assets to attackers.

Phishing scams continue to be a persistent threat in the cryptocurrency space.

Scam Sniffer noted that scammers raked in $127 million in Q3 by targeting around 11,000 users per month. 

Two major incidents accounted for $87 million in losses, highlighting the risks individual users face from these types of attacks.

Fake accounts on X (formerly Twitter) were identified as the most common way victims were lured to phishing sites.

These accounts impersonate legitimate crypto projects and personalities, tricking users into clicking malicious links. 

Scammers also used fake Google ads, which were the second most common method to direct victims to phishing websites.

CertiK reports more losses in September

As previously reported by Invezz, CertiK, a blockchain analytics firm, reported even higher losses from phishing attacks in its Q3 report.

Phishing scams were responsible for $343.1 million in losses across 65 incidents, making it the most damaging form of cybercrime during the quarter. 

CertiK’s report also revealed that private key compromises were the second most popular tactic, leading to $324.4 million in losses across ten incidents.

Both these tactics allowed criminals to rake in 88% of the total value lost in Q3.

Overall, cybercriminals stole $753.1 million across 155 security breaches in Q3, representing a 9.5% increase in value lost compared to the previous quarter.

Ethereum emerged as the most targeted blockchain, with $387.9 million stolen from Ethereum-based platforms across 86 incidents.

Cryptocurrency scams have become increasingly sophisticated over time.

Attackers often use fake websites, fake airdrops, and malicious applications to deceive users into signing malicious transactions.

In July, the website of decentralized lending platform Compound Finance was hijacked by attackers, who redirected users to a phishing site.

Hacks add to the problem

Besides phishing attacks, the number of hacks targeting cryptocurrency-focused entities has also surged in recent months.

According to a report from blockchain forensic firm PeckShield, over $120 million was lost to hacking attacks in September.

Centralised crypto exchanges lost the most, with India-based WazirX and Indonesia-based BingX accounting for 61.76% of the total funds lost that month. 

As crypto scams evolve and become more sophisticated, users must stay vigilant and take extra precautions to protect their assets.

From phishing links to malicious apps, the tactics used by attackers are constantly changing, making it essential for users to double-check every transaction and interaction.

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