Base L2 chain saw a 1,880% fraud increase for Q1 2024, showing a loss of $3.3 million in March.
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Ethereum's layer-2 chain base saw a staggering 1,900% increase in cryptocurrency funds stolen by phishing scams in March compared to January, according to data from blockchain anti-fraud platform Fraud Sniffer.
This surge coincides with the explosive growth of Base Total Value Locked (TVL) fueled by the recent memecoin frenzy on the platform.
According to the information shown in Published in Dune Analytics, nearly $3.35 million was lost to phishing scams on Base in March alone, representing a 334% month-over-month increase from February's $773,900 and a staggering 1,880% jump from January's $169,000. Across all chains, phishing scammers claimed $71.5 million from 77,529 victims in March, up from $58.3 million in January and $46.8 million in February.
The anti-fraud platform says fake X (formerly Twitter) accounts continue to be a major tactic for fraudsters posting phishing links, with more than 1,500 such incidents detected in March. Binance's BNB Smart Chain experienced a similar increase in phishing scams during the same period, according to a now-deleted Scam Sniffer post.
The rise in phishing attacks on Base coincides with the platform's meteoric growth, largely due to the recent craze around memecoins like Brett and Degen. The hype around these tokens has helped push Base's TVL to over $3.2 billion, a 370% increase since the start of 2024.
Despite the alarming rise in phishing scams, overall crypto hack thefts fell 48% to $187.2 million in March, according to blockchain security firm PeckShield. This figure takes into account the $98.8 million earned during the month, all of which were recovered from the recent Munchables exploits.
Another recent one More than $200 million worth of crypto has been stolen or lost with no hope of recovery, he said.
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