Phishing Attacks Cost Investors Over $127 Million in Q3 2024

During the third quarter of 2024, cryptocurrency thefts surpassed $127 million, with September contributing around $46 million.

Scam Sniffer, a Web3 security company, noted that approximately 10,800 investors were affected by phishing attacks, the most significant of which occurred on September 28, when scammers exploited a permit phishing signature to steal 12,083 spWETH valued at $32.43 million.

These attacks typically involve tricking users into linking their crypto wallets, like MetaMask, to counterfeit platforms, allowing unauthorized access to funds. Ethereum was identified as the primary target, alongside other cryptocurrencies such as Polygon, BNB, and Optimism.

In total, two major phishing incidents accounted for $87 million in losses. MistTrack, a crypto tracking and compliance service, reported that most phishing attacks originated from malicious links on fake social media accounts, especially on X, along with deceptive Google ads. As phishing threats grow, investors are urged to scrutinize URLs and email addresses for authenticity.

The broader crypto hacking landscape also saw significant losses, totaling $753 million in Q3 2024. CertiK, a cybersecurity firm, highlighted a 9.5% rise in financial damages across 155 incidents, with Ethereum again bearing the brunt with 86 attacks resulting in over $387 million lost. Alarmingly, the recovery rate for stolen assets dropped to just 4.1%, down from 14.4% in the previous quarter.

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