Originally published on: December 03, 2024
As the holidays approach, cybersecurity experts are sounding the alarm on an anticipated increase in crypto phishing attacks. Scammers are gearing up to take advantage of the festive season and the surge in online shopping activity that comes with it.
A recent report from Scam Sniffer revealed that in November alone, over 9,200 cryptocurrency investors fell victim to phishing scams, resulting in a collective loss of nearly $9.4 million. One unfortunate victim reportedly lost $661,000 in stETH within a matter of minutes, highlighting the severity of these attacks.
Malicious signatures are identified as the primary weapon of choice for crypto scammers, as they can grant attackers full control over a wallet’s digital assets, leading to devastating wallet drain attacks.
While November saw a decrease in phishing losses compared to the previous month, experts are warning that December could see a resurgence in attacks. Deddy Lavid, the co-founder and CEO of Cyvers, a leading Web3 security platform, emphasized the importance of heightened vigilance during this high-risk period.
Lavid advised users to exercise caution when signing blockchain transactions and to conduct thorough checks to avoid inadvertently authorizing malicious activities. With the risk of phishing attacks on the rise, robust security practices are more crucial than ever.
Despite the concerning trend of crypto hacks, the number of incidents has decreased compared to previous years. As of late November, hackers had stolen $1.48 billion in cryptocurrency, marking a 15% decrease from the same period in 2023.
While the industry continues to face challenges, recent successes in recovering stolen assets, such as the Thala hack, offer a glimmer of hope. It is essential for users to stay informed and remain vigilant to protect their investments during the holiday season.
With cybersecurity threats on the rise, it is crucial to stay informed about the latest trends and developments in the crypto world. Subscribe to our newsletter, Finance Redefined, for weekly insights and analysis to help you navigate the complexities of the digital asset space with confidence.