Being active in crypto can be a rewarding activity. However, crypto is still more or less unregulated. For some, this may be the appeal to be in this sector. On the other side, it also attracts a lot of scammers.
One of the more popular scams, currently, are crypto phishing scams. For example, they drained $46 million worth in September. So, let’s take a closer look at crypto phishing scams.
Crypto Phishing Scams During Q3-2024
During Q3-2024 there were plenty of scams. The total number for this quarter is around $750 million. September alone was good for $46 million in crypto phishing scams. According to Certik, this included 155 incidents.
However, there was only 4.1% recovered. That brings the total down to $722 million. On the downside, the previous quarter (Q2-2024) saw a 14.4% recovery rate. So, unfortunately, the Q3-2024 recovery rate wasn’t that great.
Back to phishing scams, though. Scam Sniffer, is another Web3 security firm. They counted some 10,800 phishing attacks during September. On 27th September, the biggest, successful phishing attack took place. For this attack, the attackers used a ‘permit’ phishing signature. These kinds of attacks deceive you into granting unauthorized access to your wallet.
43 mins ago, someone lost 12,083 spWETH ($32.43M) after signing a “permit” phishing signature. pic.twitter.com/y7PQZW2FZq
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) September 28, 2024
During a permit phishing signature attack, bad actors get an off-chain signature. Now they can choose a moment when it suits them best, to use that signature. MetaMask has a good write-up on how this works here.
During the 27th of September attack, malicious actors managed to get hold of 12,083 $spWETH. That was worth around $42.34 million at the time of the attack. That’s also around 66% of the total damage done during September. Certik managed to track the funds and how it was funneled through various wallets.
Source: X
Ethereum Is in the Crossfire
Ethereum was the most targeted chain during Q3-2024. By number of incidents and monetary value. Ethereum saw 96 incidents with $387.8 million. On the other hand, Bitcoin saw only one incident, but the loss was $238 million. The BSC chain had the second most incidents, 39, but the damage was only $4.7 million.
Source: Certik
Scroll, Solana, Polygon, Optimism, and Cosmos are other chains on this list. However, their number of incidents and financial losses are relatively small. Incidents range between 1 and 6 cases and losses range between $7.6 million to $200k. Two big phishing attacks were good for $87 million.
To sum up, Q3 saw large losses caused by scammers. Crypto phishing scams made up a good portion of these scams. To protect yourselves, always make sure to double-check the URLs of websites. You should also check email addresses. Make sure they’re from official channels.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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This articles is written by : Fady Askharoun Samy Askharoun
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