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February scams targeted 57,000 crypto wallets

February saw a surprising increase in personal cryptocurrency scams. Around 57,000 people fell prey to it, resulting in a collective loss of around $47 million, according to Scam Sniffer.

during the period under review. (February 2024), several individuals, mostly users of the Ethereum mainnet, fell prey to multiple phishing attempts.

$47 million worth of cryptocurrencies were stolen in February

According to the site's findings Scam snifferA total of 57,066 victims fell for cryptocurrency phishing during the month of February.

The attackers managed to extract $46.86 million from these cryptocurrency investors while posing as legitimate entities on various social media platforms. Including the X platform (formerly Twitter).

It is worth noting that the total number of victims who lost more than $1 million decreased by 75% compared to January. However, a major phishing theft worth $6.2 million took place on February 15. This represents the biggest loss in one day.

Victims of phishing scams
Victims of phishing scams. Source: Scam sniffer

Through the chains, users transport Ethereum Network Cores were hit the hardest, accounting for 78% of all exploits this month. Analysis of the attacks shows that Ethereum-based thefts amounted to $36.2 million from 25,029 victims.

Monitored by Arbitrum and BNB. They suffered losses totaling approximately $3.5 million and $2.5 million, respectively. Additionally, Ethereum-based ERC20 tokens accounted for approximately $40 million in stolen assets. Which represents 86% of the total.

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It is worth noting that over $4.4 million worth of Ethereum and non-fungible tokens (NFTs) worth around $2.4 million were also stolen.

Crypto-phishing attacks
Cryptocurrency phishing attacks. Source: Scam Sniffer program

Fraud operations are increasing and the number of victims is clearly increasing

Despite enhanced security measures, phishing attacks show no signs of slowing down. With an alarming increase in the number of victims of over 10,000 compared to the previous month, but with a slight decrease in the amount stolen.

To implement these schemes, malicious actors used various tactics, including phishing signatures such as Permit, Alowance, and Uniswap Permit2. Additionally, attackers tend to Imitation Verified crypto entities on social media. Especially the X platform.

Read more: How to buy Bitcoin without getting stolen? & Because the risk increases during the holiday periods, how can you spot scams?

Using this method, scammers lure unsuspecting cryptocurrency users to phishing sites, where their wallets are systematically emptied.

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