In August 2024, losses from crypto phishing attacks reached a significant $63 million, even though the number of victims decreased by 34%.
Financial Losses in August
According to Scam Sniffer data, the amount of stolen funds from crypto phishing in August amounted to $63 million, a 215% increase compared to July, despite a 34% drop in the number of victims.
Trends in Crypto Thefts
Blockchain security company PeckShield noted that in August, the crypto ecosystem lost a staggering $313.86 million in more than 10 separate hacks, with phishing attacks alone accounting for over $293 million of this total. The major incidents include a whale losing $238 million in Bitcoin and another whale losing over $55 million in DAI.
Decrease in Fake Accounts
The Scam Sniffer report also highlights a decrease in fake accounts on the social media platform X (formerly Twitter), attributed to recent efforts by the platform to combat fraud. Despite this progress, the growing sophistication of phishing attacks underscores the need for enhanced security measures and user awareness.
Analysts at Scam Sniffer stressed the importance of vigilance in the face of these rising threats, advising users to thoroughly review transactions and stay informed about potential phishing schemes.
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