Originally published on: December 03, 2024
As we gear up for the holiday shopping season, cybersecurity experts are sounding the alarm on an expected rise in crypto phishing attacks. Scammers are looking to take advantage of the festive spirit and increased online transactions during December.
According to Scam Sniffer, a platform that tracks crypto scams, over 9,200 cryptocurrency investors fell victim to phishing scams in November, losing a collective $9.4 million. One victim alone lost $661,000 in stETH within minutes, highlighting the severity of these incidents.
Malicious signatures are identified as the primary weapon for crypto scammers, allowing them to gain full control over victims’ digital assets through wallet drain attacks.
While November saw a slight decrease in phishing losses compared to October, experts like Deddy Lavid, CEO of the Web3 security platform Cyvers, are warning of a potential surge in attacks as we approach the holiday season. Lavid emphasized the importance of vigilance and security practices to prevent unwittingly authorizing malicious transactions.
Despite the looming threats, the crypto industry has seen a 15% decrease in hacking incidents compared to 2023, with $1.48 billion stolen by hackers year-to-date. The aftermath of the $25.5-million Thala hack in November serves as a reminder of the ongoing risks in the crypto space.
As we navigate the holiday shopping season, staying alert and cautious when it comes to crypto transactions is crucial to safeguarding our digital assets. By remaining vigilant and following best security practices, we can protect ourselves from falling victim to escalating phishing scams during this high-risk period.