In August 2023, cryptocurrency users fell victim to phishing attacks that cost them over $12 million. This marks a 72% increase compared to July, according to Scam Sniffer.
Overall Losses from Phishing Scams
Phishing scams impacted 15,230 victims in August, a 67% increase from the previous month. The largest single loss amounted to over $3 million for one user.
Increase in Phishing Attacks on Users
The Scam Sniffer team noted a sharp escalation in phishing scams related to EIP-7702, an Ethereum improvement proposal. Scammers also leveraged this functionality to siphon over $5.6 million in August through three separate attacks.
Safety Recommendations Against Phishing
Users are advised to check URLs for errors, use bookmarks to access pages instead of search engines, avoid downloading attachments or clicking links from unknown sources, and refrain from sharing seed phrases and passwords. It's also important to enable two-factor authentication for sensitive online accounts.
Total losses from scams in the cryptocurrency sector in August exceeded $163 million, highlighting the need for users to exercise security measures and vigilance.
