Crypto Phishing Scams Claim Over $46 Million in September Alone

Phishing scams continue to plague the crypto space, with over 10,000 people losing more than $46 million in September alone, according to data from Scam Sniffer, a Web3 security platform.

The platform revealed that 10,805 individuals were affected by phishing scams last month, contributing to a total of $126 million in losses during the third quarter of 2024. Notably, two victims accounted for $87 million of this amount.

A major incident occurred in late September when a user lost $32 million worth of Spark Wrapped Ethereum (spWETH) tokens due to signing a permit signature. Another victim mistakenly sent 410 ETH to a fraudulent address copied from a poisoned transfer history, losing $1 million in the process.

Phishing attacks usually rely on tricking users into giving up sensitive information, such as private keys, through fake URLs or malicious links. Scam Sniffer, referencing data from MistTrack, pointed out that many victims were targeted through phishing links on X (formerly Twitter) or Google ads.

Despite efforts to raise awareness and improve security measures, phishing remains a persistent issue. SlowMist founder Yu Xian acknowledged that these scams continue to challenge the crypto ecosystem, even with more sophisticated security defenses in place.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.