Crypto Phishers Stole $47M Last Month, Fraudsters on X Blamed

Fake accounts on social media platform X were at the forefront of more than 57,000 victims of crypto phishing scams in February.

In its latest crypto-phishing report, Scam Sniffer revealed that more than $46.8 million was lost to crypto-phishing scams last month, with “most victims being tricked into phishing websites by phishing comments from the same Twitter accounts.”

Scam Sniffer Ethereum Mainnet accounts for 78% of all thefts, with ERC-20 tokens being the main assets stolen, accounting for 86% of stolen assets.

He added that the majority of Ethereum token thefts are due to users signing phishing signatures and denying transaction approvals such as Permits, Incremental Allowances, and Uniswap Permit2.

Moreover, he pointed out that most wallet developers have now started using account abstraction wallets as token holders.

Account abstraction enables additional functionality and modern contract compatibility for Ethereum wallets.

Although the number of phishing victims increased more than in January, the total amount stolen in February decreased compared to the first month. In February, the number of victims who lost more than $1 million dropped significantly.

Scammers often target the social media accounts of high-profile people, sometimes replying to posts from fake accounts designed to mimic real ones, or even disappearing accounts to post phishing links.

In February, MicroStrategy X's account was hacked, stealing around $440,000 in crypto.

Additionally, Compound Finance, Rocket Pool, Blockchain Capital and even Vitalik Buterin have seen their X accounts hacked by crypto-phishers in recent months.

RELATED: Crypto Phishing Scams To Take $300 Million From 324,000 Victims By 2023

In December, Cointelegraph reported that crypto fraudsters are increasingly turning to “authentication phishing” techniques to steal funds.

This attack vector forces victims to withdraw money and sign a transaction that allows fraudsters to access their wallet.

According to a recent report by the US Federal Bureau of Investigation, millennials are more likely to be victims of investment fraud.

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