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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jan 03, 2025 13:44 UTC
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Phishing Remains Top Crypto Threat: $1 Billion Stolen in 2024!
Phishing attacks were the most prevalent and costly cyber threat in the crypto industry in 2024, accounting for 40% of all crypto stolen.
Phishing attack losses surged dramatically in 2023-2024.
Users should be highly skeptical of unsolicited messages, verify the legitimacy of links and senders, etc.
The year 2024 has brought many changes, but one alarming trend stands out—a surge in phishing attacks on the crypto industry. With 296 incidents recorded and losses totaling $1.05 billion, phishing has become one of the most destructive cyber threats.
According to Certik’s Hack3d report, these attacks accounted for 40% of all crypto theft in the past year, proving phishing to be a highly effective method for cybercriminals.
The Cost of Phishing Attacks
On average, each phishing attack caused losses of $2.8 million, with the median loss at $207,556. Even though some hackers returned $213 million to victims, the net loss still reached a staggering $836 million.
Ethereum was hit hardest, with 248 attacks resulting in $297.5 million in losses. Binance Smart Chain (BSC) was another frequent target, showing how vulnerable major blockchain networks remain.
Between 2023 and 2024, phishing losses surged by 328%. This sharp increase highlights not just the growing number of attacks but also their increasing sophistication.
Why Phishing Works So Well
Phishing doesn’t target technical defenses. Instead, it exploits human weaknesses, tricking users into sharing sensitive details like private keys or wallet passwords. Scammers often use phishing emails, fake websites, and spoofed messages to deceive their victims.
Cryptocurrency’s unique nature makes it especially vulnerable. Once a transaction is signed and sent, it cannot be undone, leaving victims with no way to recover their funds.
How to Protect Yourself from Phishing
You can greatly reduce your risk by staying alert and following these precautions:
- Be Skeptical: Don’t trust unsolicited messages or links from unknown sources. Always double-check the legitimacy of links and senders before interacting.
- Use Hardware Wallets: Store excess crypto in a hardware wallet. This adds a layer of security that is nearly impossible for hackers to bypass.
- Verify Wallet Addresses: When transferring funds, carefully check the recipient’s wallet address to ensure it hasn’t been tampered with or poisoned.
- Enable Two-Factor Authentication: Strengthen your accounts with 2FA. Keep your software up to date and consider using anti-phishing tools like browser extensions.
- Avoid Public Wi-Fi: Conduct cryptocurrency transactions only on secure networks. Public Wi-Fi exposes you to risks like phishing and man-in-the-middle attacks.
By staying informed and adopting simple protective measures, users can significantly reduce their chances of becoming victims.
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