Phishing, Threat Intelligence

Crypto phishing losses surged in 2024

Cryptocurrency on Binance trading app, Bitcoin BTC with altcoin digital coin crypto currency, BNB, Ethereum, Dogecoin, Cardano, defi p2p decentralized fintech market

BleepingComputer reports that cryptocurrency wallet drainer attack losses reached $494 million last year, which is 67% higher than in 2023, even though the number of wallet addresses subjected to crypto phishing only increased by 3.7% year-over-year.

Wallet drainer attack activity was particularly elevated during the first three months of 2024, with the loss of $55.4 million worth of cryptocurrency in the year's biggest heist bringing stolen proceeds to $187 million, according to a study from Scam Sniffer. While the end of Pink Drainer's operations resulted in a decline during the second quarter, Inferno service's subsequent rise in the following quarter prompted the theft of $110 million from August to September. Additional findings revealed that Ethereum accounted for most of the losses while staking and stablecoins were the most targeted cryptocurrency asset types. More threat actors have also leveraged X and Google Ads to facilitate phishing traffic prompting researchers to recommend increased website verification and URL cross-checking.

Get daily email updates

SC Media's daily must-read of the most current and pressing daily news

By clicking the Subscribe button below, you agree to SC Media Terms of Use and Privacy Policy.

You can skip this ad in 5 seconds