Crypto phishing scams cost $46 million in September
More than $127 million worth of cryptocurrencies were stolen from investors in the third quarter of 2024, with an estimated $46 million lost in September.
According to Web3 security firm Scam Sniffer, around 10,800 victims were affected by phishing attacks in September. The largest loss was reported on September 28, when a phishing attack using a license phishing signature destroyed 12,083 spWETH worth $32.43 million.
Source: Fraud Sniffer
In phishing attacks, fraudsters trick investors into linking their wallets to fraudulent services like MetaMask. Linking crypto wallets to phishing websites allows fraudsters to extract users' crypto without further authentication.
Phishing attacks target Ethereum investors.
Scam Sniffer reports that Ether (ETH) is the biggest target of crypto phishing attacks. Other popular cryptocurrencies lost to phishing scams include Polygon (MATIC), BNB (BNB), and Optimism (OP), among others.
An overview of phishing attacks in September. Source: Fraud Sniffer
In Q3 2024, two major phishing attacks caused $87 million in losses. According to MistTrack, a crypto tracking and compliance platform, most phishing happens by clicking on phishing links from fake accounts on X, followed by Google phishing ads.
Related: Vietnam police bust crypto scam ring linked to offshore actors
Given the increasing risk of phishing attacks, investors are advised to double-check website URLs and email addresses for official contact methods.
Check out Cointelegraph's guide to learn more about phishing attacks and how to avoid them.
Overall, crypto hacking caused $753 million in losses in Q3 2024.
On the other hand, in Q3 2024 the total losses from all types of crypto hacks exceeded $753 million.
According to a report released by cybersecurity firm CertiK on October 1, total financial losses increased by an estimated 9.5%, with a total of $753 million taken from investors in 155 cases.
Similar to phishing, the Ethereum network experienced the most security issues, with 86 hacks, scams and exploits costing more than $387 million.
Chained security incidents in Q3 2024. Source: CertiK
According to the report, only 4.1% of stolen property was recovered, down from 14.4% recovered in the previous quarter.
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