$127 Million Lost to Crypto Phishing Scams: Are Your Assets Safe?

In September 2024, nearly 10,000 victims of crypto phishing scams lost an alarming $46 million, according to ScamSniffer’s monthly phishing report. This rising trend highlights how cybercriminals are increasingly targeting cryptocurrency users.

Among the reported losses, one victim lost a staggering $32 million due to a forged permit signature, while another lost $1 million by simply copying a contaminated transfer address. These cases contribute to a larger problem, with total losses from phishing attacks in Q3 2024 reaching $127 million. 

On average, around 11,000 victims fall prey to these scams each month, with two major incidents alone accounting for $87 million in losses.

Shocking, right? Here’s how it all unfolded. 

How Victims Are Targetted

Most phishing scams come from fake accounts on X (formerly Twitter) and malicious ads on Google. Cybercriminals trick victims into clicking on phishing links that look like legitimate platforms. Once users engage, their wallets can be compromised, or they may accidentally sign transactions that lead to the loss of their assets.

Stay Alert – Always!

Given this situation, it’s vital for users to be cautious when handling crypto transactions to avoid phishing and other threats. Users should never copy wallet addresses from previous transactions, as this can result in significant losses. 

Always double-check the authenticity of addresses and links before signing any transaction or sharing wallet details.

Implementing anti-phishing measures is key to protecting your crypto assets. Users can improve their safety by using expert domain and address blocklists to filter out phishing sites from their browsers. Additionally, showing phishing signatures can provide an extra layer of protection.

Do Your Due Diligence

Security-aware users should thoroughly check every transaction, especially when dealing with unknown sites or addresses. Being vigilant is crucial to preventing phishing scams from harming your assets.

What to Do if You Fall Victim

If funds are lost through a phishing scam, recovery firms like MistTrack and CF Investigators can help retrieve stolen assets. However, prompt action is needed to increase the chances of recovering lost funds.

The threat of crypto phishing is real. Act now to safeguard your investments.