As to the latest research by Scam Sniffer, more than 57,000 people fell victim to cryptocurrency phishing scams in February, losing an incredible amount of $46.8 million.
Approximately 97,000 people fell victim to phishing assaults in the first two months of this year, resulting in $104 million in significant losses. To be exact, losses were $57.7 million in January and $46.8 million in February.
The main offenders were found to be phony accounts on the well-known social media site X, with the majority of victims being seduced by phishing remarks from phony Twitter accounts. 78% of all thefts occurred on the Ethereum mainnet, with ERC-20 tokens accounting for 86% of the stolen assets.
Scammers most notably took advantage of user behaviors such as accepting transactions and signing phishing signatures. Wallet drainers favored account abstraction wallets because of had increased interoperability and utility.
In February, there were less victims who lost more than $1 million in theft, even though there were more victims overall than in January.
Significant losses were incurred by prominent individuals whose accounts were hacked, including MicroStrategy, Compound Finance, Rocket Pool, Blockchain Capital, and Vitalik Buterin.
This concerning pattern coincides with con artists’ growing predilection for “approval phishing” schemes, which trick victims into signing documents that unlock wallets without authorization.
Millennials are the most vulnerable generation to investment fraud, according to an FBI report. To safeguard yourself from the ever-evolving cryptocurrency frauds, remain alert.
