Crypto Phishing Attacks Soar 215% in August

Cryptocurrency phishing incidents saw a dramatic increase of over 215% in August, largely due to one major attack that resulted in losses of more than $55 million.

Phishing attacks in the crypto space involve hackers sending fake links to steal sensitive information, such as private keys to crypto wallets. According to Scam Sniffer’s report on September 3, the total losses from such attacks in August exceeded $66 million.

🚨 [1/7] ScamSniffer’s August Phishing Report
In August, around 9,145 victims lost about $63 million to crypto phishing scams 😱🔒.
While the number of victims dropped by 34% from July, the stolen amount surged by 215%. pic.twitter.com/lm3dCtBQVH

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) September 3, 2024

This represents a significant rise, with approximately 9,145 victims collectively losing about $63 million. Although the number of victims decreased by 34% from July, the financial damage surged by 215%.

One notable attack, occurring on August 20, was responsible for the majority of these losses. A single phishing scheme led to the theft of $55 million worth of Dai (DAI) from a DeFi protocol, Maker.

The victim unknowingly signed a transaction that transferred ownership of their stablecoins to the attackers, and attempts to reverse the transaction were unsuccessful as the ownership change had already been executed.

The rise in phishing attacks has prompted the crypto industry to enhance its defenses. The Security Alliance, a group led by white hat hacker Samczsun, has addressed over 900 security incidents since its inception in August 2023.